Do you have a home office for your S-corporation? Deduct your expenses using an accountable plan
S-corporation shareholders are considered employees of their businesses, so unlike partners in a partnership, they can’t simply deduct unreimbursed business expenses directly on Schedule E as Unreimbursed Partnership Expenses, or UPE. Until the end of 2017, their only option was to deduct home office and other business-related expenses on Schedule A, where it was subject to the 2% of AGI threshold. However, under the Tax Cuts and Jobs Act, signed… Read more