It certainly depends on what you’re actually paying, yes. It’s very unlikely that your deductible expenses will be greater than the standard deduction. But, it is certainly possible under certain (rare) conditions.
Rent alone here is higher than the basic personal amount, let alone any other necessities. And I’m in one of the cheapest cities in Canada for rental housing.
Which is to say, almost every single tax paying person in the entire country would be getting more than the basic personal amount (Canada’s version of the standard deduction in the US) if we were allowed to claim basic necessities. And not by a small amount.
All you are telling me is that “rent” isn’t a deductible expense.
None of that changes the fact that if you have more deductible expenses than the standard deduction, you can claim greater than the standard deduction.
The standard deduction is ~$16,000 for a single person. Medical expenses are deductible. If they spend $32,000 in a hospital stay, they would be better off itemizing the whole deduction rather than taking only the standard deduction.
Of course, they aren’t obligated to itemize. They could just take the standard deduction and be done with it. That choice is available to them, foolish as it is.
Educational expenses are deductible. They can choose to spend much more than $16000 on school expenses, claiming much more than the standard deduction.
Again, what should and should not qualify as deductible, and the size of the standard deduction are completely separate questions.
None of that changes the fact that if you have more deductible expenses than the standard deduction, you can claim greater than the standard deduction.
You are missing the point that for a business everything is a deduction and for an individual almost nothing counts as an itemized deduction.
It is a lie to say “you could itemize” when the IRS specifically does not allow W2 employees to itemize rent, transportation, food, and entertainment.
It is a lie to say “you could itemize” when the IRS specifically does not allow W2 employees to itemize rent, transportation, food, and entertainment.
You’re getting hung up on the categories. You don’t have to be just a W2 worker for someone else’s business. You can also be a contractor: you can be a business yourself. No, you can’t deduct that part of your subsistence you use for W2 employment or personal use. But, you can put yourself on the clock for your own business, and that business can deduct everything that any other business can do.
If you’re not deducting that part of your home, utilities, vehicles, electronics, tools, and equipment that you use for various business purposes, you’re doing something very wrong.
Your business doesn’t have to actually turn a profit. Legally, you have to try to turn some kind of profit, but you don’t have to actually succeed. 30% of home-based businesses never do.
We’re literally talking about corporations being “people” but able to deduct things that people can’t. If corporations are people, and they can deduct rent (they can) why can’t everyone else.
You’ve completely lost the plot mate. You can’t say THE LITERAL QUESTION WE ARE TALKING ABOUT is a separate question, wtf lol
A large part of my house is used exclusively for business purposes. I deduct that part.
I don’t do this myself, but businesses are allowed to compensate workers with, in part, housing. Your home-based business could deduct the housing it provides to workers, including yourself.
It certainly depends on what you’re actually paying, yes. It’s very unlikely that your deductible expenses will be greater than the standard deduction. But, it is certainly possible under certain (rare) conditions.
Rent alone here is higher than the basic personal amount, let alone any other necessities. And I’m in one of the cheapest cities in Canada for rental housing.
Which is to say, almost every single tax paying person in the entire country would be getting more than the basic personal amount (Canada’s version of the standard deduction in the US) if we were allowed to claim basic necessities. And not by a small amount.
All you are telling me is that “rent” isn’t a deductible expense.
None of that changes the fact that if you have more deductible expenses than the standard deduction, you can claim greater than the standard deduction.
The standard deduction is ~$16,000 for a single person. Medical expenses are deductible. If they spend $32,000 in a hospital stay, they would be better off itemizing the whole deduction rather than taking only the standard deduction.
Of course, they aren’t obligated to itemize. They could just take the standard deduction and be done with it. That choice is available to them, foolish as it is.
Educational expenses are deductible. They can choose to spend much more than $16000 on school expenses, claiming much more than the standard deduction.
Again, what should and should not qualify as deductible, and the size of the standard deduction are completely separate questions.
You are missing the point that for a business everything is a deduction and for an individual almost nothing counts as an itemized deduction.
It is a lie to say “you could itemize” when the IRS specifically does not allow W2 employees to itemize rent, transportation, food, and entertainment.
You’re getting hung up on the categories. You don’t have to be just a W2 worker for someone else’s business. You can also be a contractor: you can be a business yourself. No, you can’t deduct that part of your subsistence you use for W2 employment or personal use. But, you can put yourself on the clock for your own business, and that business can deduct everything that any other business can do.
If you’re not deducting that part of your home, utilities, vehicles, electronics, tools, and equipment that you use for various business purposes, you’re doing something very wrong.
Your business doesn’t have to actually turn a profit. Legally, you have to try to turn some kind of profit, but you don’t have to actually succeed. 30% of home-based businesses never do.
We’re literally talking about corporations being “people” but able to deduct things that people can’t. If corporations are people, and they can deduct rent (they can) why can’t everyone else.
You’ve completely lost the plot mate. You can’t say THE LITERAL QUESTION WE ARE TALKING ABOUT is a separate question, wtf lol
A large part of my house is used exclusively for business purposes. I deduct that part.
I don’t do this myself, but businesses are allowed to compensate workers with, in part, housing. Your home-based business could deduct the housing it provides to workers, including yourself.