If You Are Homecasting, Keep Records

FTVLive works from two different places on our home. Our office is where we work on and upload FTVLive each and everyday and our studio is where we produce our vlogs and podcasts from.

We don’t use either room for anything else other than work and that makes us able to write off those areas of our home on our taxes.

Now, that many of you are working from home and have set up studios in your house, you might be eligible for a tax deduction on your 2020 taxes.

One FTVLive reader passed along this advice:

You might want to advise those who are "homecasting" to keep detailed records of the time and money spent in/on their "studio" (prep time included) so they can legitimately claim a major deduction for home-office/business use in their 2020 taxes. T

ake photos and document the set-up. Attempt to use a dedicated room for the activity apart from shared occupancy. A kitchen, for example, won't cut it.

This is applicable to higher earners who own their home since tenants and those of lower income are covered by the standard deduction.

It might not make up for the furlough, but it could save you some money in the end. If you are homecasting out of your kitchen, move the setup to another area of your home, so it will qualify for a deduction.

OH!!!! And don’t forget to move those Emmys to the new space as well.

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