Last year’s One Big Beautiful Bill Act made permanent the suspension of most miscellaneous itemized deductions for individual taxpayers. Before the 2018 suspension, professional fees, investment costs and similar expenses had been deductible if they exceeded a floor of 2% of adjusted gross income. Also impacted are unreimbursed employee business expenses, which affects employees who work from home. They generally no longer can deduct home office costs. But self-employed individuals may still be able to deduct a portion of these expenses from their self-employment income if their home office is their principal place of business or it’s used regularly for business.
