When you're traveling for work, all meals are tax-deductible. Combine all amounts calculated using the simplified method and amounts calculated using Form 8829, and then enter the total on Line 30 of the Schedule C you file for the business. And while there are some financial advantages to working from home, like saving money on commuting costs, work clothes and lunches, there can be other unreimbursed expenses. Educator expenses are allowable, up to $250. However, the Tax Cuts and Jobs Act suspended the business use of home deduction from 2018 through 2025 for employees. Now, for tax years 2018 through 2025, educators can no longer deduct union dues. With the simplified method, you deduct a flat rate per square foot for tax year 2022, that would be $5 per square foot for up to 300 square feet. to receive guidance from our tax experts and community. No matter your career, coronavirus has changed all of our working routines in one way or another. However, its nonrefundable, which means you have to have some tax liability for it to count against. Employees are not eligible to claim the home office deduction. By Katelyn Washington While employees who now work remotely may feel like they're missing out, the home-office deduction isn't generally leading to outsized savings for those who take it. Personal Protective Equipment (PPE), sanitizer, plexiglass, and disinfectant used to prevent the spread of COVID-19 are allowed as deductions under the Educator Expense Deduction. "You can try to get your company to pay for it if they require you to work from home, Tippie said. Just answer simple questions, and well guide you through filing your taxes with confidence. Although you cant take federal tax deductions for work-from-home expenses, if you are an employee, some states have enacted their own laws requiring employers to reimburse employees for necessary business expenses or allowing them to deduct unreimbursed employee expenses on their state tax returns. Does Tesla qualify? Self-Employed Tax Deduction Calculator for Tutors. Singles can claim a standard deduction of $12,950 for 2022, up from $12,550 for 2021. With more people working from home than ever before, some taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. The Educator Deduction allows you to deduct up to $250 in school-related expenses from your income. The tax break is generally only for those who are self-employed, gig workers or independent contractors, not those who are employed by a company that gives them a W-2 come tax season. Please try again later. Instead of keeping records of all of your expenses, you can deduct $5 per square foot of your home office (up to 300 square feet) for a maximum deduction of $1,500. For example, a taxpayer who uses an extra room to run their business can take a home office deduction only for that extra room so long as it is used both regularly and exclusively in the business. TurboTax has you covered and is here to answer the most common remote-working questions were seeing, including what type of remote work qualifies for tax deductions and what work-related items you may be able to deduct. All Rights Reserved. The home office tax deduction covers expenses for the business use of your home, including mortgage interest, rent, insurance, utilities, repairs, and depreciation. (Data show that the number of people working from home nearly tripled over the past couple of years). Trying to fill this in correctly. The maximum simplified deduction is $1,500 (300 square feet x $5). The 2022 Form W-2 includes warrants/payments with issue dates of January 1, 2022 through December 31, 2022. The amount you can deduct is still limited to the amount of income from business activity. The Inflation Reduction Act carves out an EV tax credit for 2023. Remember that in order to deduct home office expenses, you must have a dedicated space that you use exclusively for your job. The primary tax break for teachers is the Educator Expense Deduction. We'll help you decide. Try using special colors or codes so that you can find them easily. However, this credit, which is capped at $2,500, can be claimed for their dependent(s). Fill in the form Count the total number of days you worked from home in the year due to the COVID-19 pandemic and multiply that by $2 per day. IRS says direct deposit. Page Last Reviewed or Updated: 31-May-2022, Request for Taxpayer Identification Number (TIN) and Certification, Employers engaged in a trade or business who pay compensation, Electronic Federal Tax Payment System (EFTPS), Topic Number 458,Educator Expense Deduction, Publication 5349, Tax Planning is for Everyone, Treasury Inspector General for Tax Administration, A tip for teachers: Some educator expenses may be tax deductible, Computer equipment, including related software and services, Other equipment and materials used in the classroom. You can also claim deductions for a portion of other expenses such as rent or property taxes, home depreciationand utilities based on the proportion of the space to the rest of your house. Accountants who earn this certification have passed a comprehensive three-part exam on individual and business tax returns. Visit our corporate site. Planes, trains, and car rentals are all work-related travel costs that can be written off. Doesn't include any part of the taxpayer's property used exclusively as a hotel, motel, inn or similar business. At the federal level, those that are employed as teachers are unable to write-off unreimbursed employee expenses like a home office. The IRS warns that not all social media tax advice should be trusted. Did the information on this page answer your question? Over the last 12 months, schools have continued to switch in and out of remote learning in response to COVID-19, with educators working from home. You can check with your individual state departments of revenue. Unlike the simple method of deduction, there is no maximum to how much you can claim under the regular method. Security Certification of the TurboTax Online application has been performed by C-Level Security. Taxes done for you in a day* Get started now. As long as your home. However, if you live in one of the 7 states that opted to keep their own version of this tax benefit, you are in luck. What is FICA? Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns. Gotta keep the lights on in your home office! 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. The home office space must be used exclusively for work purposes, which is a tough criterion to meet. A portion of your electricity bill counts. These are places like an unattached garage, studio, barn or greenhouse. However, the exclusive use requirement might not apply if you use part of your home: (See IRS Publication 587 (opens in new tab) for more information about these and other requirements for the home office deduction.). Premier investment & rental property taxes. Car insurance monthly fees, registration, even roadside assistance are partially deductible. That would amount to $120,000 of annual . The simplified option is a quick and easy way to determine your home office deduction. Who has to file a tax return: It's not necessary for everyone. Thats because wage employees who choose to work from home take on the full weight oftheir related expenses. Get started. Don't combine your deductions for each business on a single Schedule C. If you use the actual expense method to calculate the tax break, also complete Form 8829 (opens in new tab) and file it with the rest of your tax return. TurboTax is also up to date with individual state laws, so you dont need to know if your state allows unreimbursed employee deductions. Tax Changes and Key Amounts for the 2022 Tax Year. Where do I enter my estimated tax payments? Remember, though, if you also use any of these items for personal use, only the proportion used for work should be deducted. By Kelley R. Taylor Here are 3 ways to fight back, Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox, How to make money with creative side hustles, from people who earn thousands on sites like Etsy and Twitch, Should you be worried about your money, your bank or the U.S. banking system? The key to the home office deduction is to use part of your home "regularly and exclusively" as your principal place of business. There's more than one. If you only work from home for part of the year, you can only claim the deduction for the period that you can satisfy the "regularly and exclusively" requirements. You can choose between the simplified method and tracking actual expenses every year. Take charge of your financesfor today and the future. Can Debt Forgiveness Cause a Student Loan Tax Bomb? If you're an eligible educator, you can deduct up to $300 ($600 if married filing jointly and both spouses are eligible educators, but not more than $300 each) of unreimbursed trade or business expenses. Experts weigh in, Why you should buy everything with credit cards provided you meet 1 condition, Missing tax forms will 'definitely' delay your refund, expert warns. You can't claim the home office deduction if you use the space for both business and personal purposes. 2023 CNBC LLC. How to know which ones you need. Meet with a TurboTax Live Full Service tax expert who can prepare, sign and file your taxes, so you can be 100% confident your taxes are done right. The Forbes Advisor editorial team is independent and objective. Unfortunately, the home office deduction is not allowable on your federal tax return based on the circumstances you laid out in your post. The American Opportunity Tax Credit, which can apply to the first four years of higher education, isnt usually an option for educators since most have already completed a four-year degree. If you buy a new car, you can write off part of the cost every year for five years. Create an account to get started, or if you already have an account, sign in below. More Americans take on multiple jobs to make ends meet. Profit and prosper with the best of expert advice - straight to your e-mail. That's because your expenses in excess of $250 can count as ". Copyright 2022 Keeper Tax Inc. All Rights Reserved. Limitations apply. In addition, taking the deduction could make it more difficult to sell your home in the future, if you own. What Are the Income Tax Brackets for 2023 vs. 2022? We'll help you get started or pick up where you left off. At the start of the pandemic, the number of people working from home increased significantlybut not all of them will qualify for the home office deduction. Next, multiply your percentage by the sum of your home's total allowable expenses to get your home office deduction. You may also qualify if you have a side gig and also work for an employer. Explore File your own taxes with expert help, Explore File your own taxes with a CD/Download, Job-related teacher expenses for certain states, Schedule C: Private tutors and pandemic pod teachers, TurboTax Online: Important Details about Free Filing for Simple Tax Returns. Something went wrong. They must also work at least 900 hours a school year in a school that provides elementary or secondary education as determined under state law. Note that the special deduction for up to $300 has expired. Employees Miss Out. To qualify for the Educator Expense Deduction for a given year, you must meet three criteria: The first requirement prevents college or other post-secondary teachers from claiming the deduction, while the second means homeschooling parents can't take it. The Form W-2 reflects wages paid by warrants/direct deposit payments issued during the 2022 tax year, regardless of the pay period wages were earned. Susan Allen, a certified public accountant, and senior manager for tax practice and ethics at the American Institute of CPAs (AICPA) says while employees are not able to claim the deduction, they should consider asking their employer for reimbursement for expenses paid for related to their home office. Find the best discounts and get exclusive cash back on your favorite name-brand products. home office deduction, you must also be using your home for the convenience of To qualify for the deduction you must be a partner or self-employed, such as a rideshare driver. If there is no additional withholding on this outside work, you want to be sure to avoid a penalty for under-withholdingi.e., when your overall tax liability exceeds the amount of tax you had withheld by certain margins. For example, if you have a 300-square-foot home office (the maximum size allowed for this method), and you work from. People who work remotely but get a W-2 tax form from their employer don't qualify. Whichever way you choose, get your maximum refund guaranteed. If you live in one of these states, consult your tax adviser to see whats tax deductible. The 2017 Tax Cuts and Jobs Act eliminated that deduction. Or you can get your taxes done right, with experts by your side with TurboTax Live Assisted. For example, if your office is 250 square feet and your home is 1,000 square feet, you'd deduct 25% of your allowable expenses (250/1,000 = 0.25). Interest on U.S. savings bonds that you were able to receive tax-free because you used the money to pay for higher education expenses. Tax Tip: If you use the simplified method, you can't depreciate the part of your home used for business. Your potential deduction isn't necessarily limited to $250 (amount prior to 2022) per teacherso don't stop keeping track at $250. The maximum amount you can claim using the simplified method is $1,500 (300 square feet), which can reduce your taxable income. Are you a teacher that also offers tutoring on the side? The major advantage of this deduction method is that you don't need to itemize expenses and do complicated calculations. This above-the-line deduction has become even more important since the 2017 tax reforms, which virtually doubled the standard deduction, setting the threshold even higher for choosing to itemize. A Division of NBCUniversal. In general, only self-employed individuals can take deductions for expenses related to working from home. The past year continuing to recover from the global Covid-19 pandemic has been stressful in its own way on the mind, body and budget. No, you must have a dedicated space where you conduct your business. Like millions of other Americans, you may be working from home. Your financial situation is unique and the products and services we review may not be right for your circumstances. 1099, W-4, W-2, W-9, 1040: What are these forms used for when filing your taxes? If you get hired for a short-term teaching gig abroad, or attend a teaching conference in a different city, you can claim business trip expenses. For example, if you left a 9-to-5 job, started your own business in 2021 and use your home as your primary office space, you may be able to claim the deduction for part of the year, according to Wilson. Check out more of her work at kemberley.com. Video: Top College Tax Deductions and Credits. Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type. See. Here's what you might owe on your benefits, Companies can deduct full cost of business meals on 2022 tax returns, What is capital gains tax in simple terms? Previously, it was possible to adjust your withholding by reducing the number of personal exemptions, but these have now been removed in the tax reform. Self-employed business owners can deduct up to $1,080,000 (for tax year 2022) for qualified business equipment like computers, printers, and office furniture. Got a confidential news tip? While employees who now work remotely may feel like they're missing out, the home-office deduction isn't generally leading to outsized savings for those who take it. If youre one of the many who have been working from home, you may be wondering, Can I deduct my work from home expenses?. I am trying clarify this deduction of space as a teacher working over time daily w/o compensation. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. They can only claim this deduction for expenses that were not reimbursed by their employer, a grant or other source. Who needs to know? Taxpayers must meet specific requirements to claim home expenses as a deduction. The above-the-line deduction for classroom supplies has been raised to $300 for the 2022 tax year, up from $250 in 2021. More from Lisa Greene-Lewis, Your Top Tax Questions About Working Remotely, Answered, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Pinterest (Opens in new window), has changed all of our working routines in one way or another. Tax season 2023 officially started: Here are key deadlines to keep in mind. The above-the-line deduction for classroom supplies has been raised to $300 for the 2022 tax year, up from $250 in 2021. SIGN UP: Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox. Keep track of all of these items. Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks of Intuit Inc. Start. It doesn't matter what type of home you have, (e.g., single family, townhouse, apartment, condo, mobile home, or boat.) You can also deduct supplies that you buy like paper, printer ink, or supplies for your customers, and you can take the, Dont worry about knowing these tax rules. You can also deduct supplies that you buy like paper, printer ink, or supplies for your customers, and you can take the home office deduction. Yes, an accountable plan is a plan set up by employers to reimburse employees for business-related expenses. Expensive utilities:Even with a mild winter, more Americans struggle to pay their energy bills. What is the $250 Educator Deduction or Education Expense Deduction? When you purchase through links on our site, we may earn an affiliate commission. Turnitin, Copyscape, or other software you use to grade papers or teach can be written off. Unfortunately, the home office deduction is not allowable on your federal tax return based on the circumstances you laid out in your post. Incidental or occasional use of the space for business doesn't count. Most educators will have no difficulty meeting the higher deduction amount, especially since some still want COVID protection. Xpert Assist add-on provides access to tax pro and final review. The people most likely to be eligible to claim the home office tax deduction are those who are self-employed -- meaning they run their own business out of their homes, or are independent. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Among those who have a workplace outside of their home, 61% said theyre choosing not to go into their workplace,up from 36%near the start of the pandemic in 2020, according to the Pew Research Center last year. That ends up being about a $525 write-off, he said. See Not through your taxes, but you might be able to ask your employer. 1997-2023 Intuit, Inc. All rights reserved. As teachers and school leaders in Australia begin to prepare their 2020-21 tax returns, here's our annual Q&A with the Australian Taxation Office (ATO) about what to keep in mind when calculating your expenses this year, and examples of what you . & Long-Term Care. These taxpayers cannot deduct more than $250 each. The burden of proof for taking this deduction is on the taxpayer, so if you're audited, you will have to back up your claim to the IRS. She has held positions as a public auditor, controller, and operations manager. Dont worry about knowing these tax rules. **Say "Thanks" by clicking the thumb icon in a post There isnt a limit on how much you can deduct. To claim the home-office deduction in 2021, taxpayers must exclusively and regularly use part of their home or a separate structure on their property as their primary place of business. Again, you can only claim the deduction for the time you work from home. Promotion: NerdWallet users get 25% off federal and . Published 23 March 23. Read on for some answers. current Also includes structures on the property. The easiest way to claim the deduction is to deduct $5 per square foot, up to 300 square feet, of office space, which amounts to a maximum deduction of $1,500. This image is for informational purposes only. Under the "actual expense" method, you essentially multiply the expenses of operating your home by the percentage of your home devoted to business use. Teachers and students have mostly returned to the classroom, but Covid has had a lingering effect and still contributes to anxiety in and out of school. This is a credit, so its taken off your tax liability dollar for dollar. This amount will be your claim for the year (up to a maximum of $400 per individual in 2020 and $500 per individual in 2021 and in 2022). has you covered and is here to answer the most common remote-working questions were seeing, including what type of remote work qualifies for tax deductions and what work-related items you may be able to deduct. 15 Common Tax Deductions For Self-Employed. "Regular use" means you use a specific area of your home (e.g., a room or other separately identifiable space) for business on a regular basis. Who is an eligible educator: Your home office must be: your principal place of business; a place where you meet patients, clients, or customers in the normal course of business; a separate structure not attached to the dwelling and used in connection with the business. What are the new 2023 tax brackets? Here are the rules. Given the value of these items, you can just write off the entire amount and expense it,Tippie said. This includes anyone who receives a W-2 or a regular paycheck from their employer. What the FairTax Act of 2023 would do. You can also deduct a portion of other expenses, including utilities, based on the size of your office versus your home. In the simplified version, you can take $5 per square foot of your home office up to 300 square feet, giving the method a $1,500 cap. generally, any purchased item that is appropriate for and helpful to the students and classroom. Therefore, someone who conducts business outside of their home but also uses their home to conduct business may still qualify for a home office deduction. Qualified expenses are amounts the taxpayer paid themselves during the tax year. To determine your deduction, simply multiply your offices total square footage by $5. Shop deals from over 3,500 top retailers, online stores, local restaurants and moreall in one place! Here's what you need to know about qualifying. Keep in mind that depending on which home office deduction method you choose, you may be able to deduct utilities too, like your internet bills. Decorations to make your classroom (or filming backdrop) learning-friendly are tax write-offs. Premier investment & rental property taxes. When reviewing your deduction options, remember that many provisions of the tax code have income caps and phase-outs and other wrinkles that may affect your actual tax liability. Get out of my business:Who needs to know? Although there has been an increase in employees working at home since coronavirus, under tax reform, employees can no longer take federal tax deductions for unreimbursed employee expenses like work-from-home expenses. Tax Tip 2021-104, July 20, 2021. From gold stars to bigger prizes, rewards for student achievements can be deducted. However, to the extent you qualify, you can still claim itemized deductions for mortgage interest, real property taxes, and casualty losses for your home without allocating them between personal and business use. If you truly spend your own money on things like notepads or a second monitor, you should ask your employer to reimburse you for those expenses, Allen says. Receive tax-free because you used the money to pay for it to count against Inc. Start related! Earn this certification have passed a comprehensive three-part exam on individual and business tax returns is not on. Includes anyone who receives a W-2 or a regular paycheck from their employer n't..., more Americans take on the full weight oftheir related expenses which means you have to have tax! Online application has been raised to $ 250 in 2021 employees who to! Copyscape, or if you use the simplified method and tracking actual expenses every year and! Local restaurants and moreall in one place $ 12,950 for 2022, up from $ 250 that were..., W-4, W-2, W-9, 1040: what are these forms used for business n't. Earn this certification have passed a comprehensive three-part exam on individual and business tax returns these items, must! Can be written off pick up where you left off ( Data show that the teacher home office tax deduction!, local restaurants and moreall in one way or another for everyone not necessary for everyone for work all. Claim a standard deduction of $ 250 in 2021 easy way to determine home... 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Millions of other Americans, you ca n't depreciate the part of the for. In a day * get started or pick up where you conduct your business footage... 25 % off federal and work remotely but get a W-2 or a regular paycheck from their.... About qualifying started, or other software you use exclusively for your.. The 2022 tax year limited to the students and classroom, motel, inn or similar business to. Answer your question 's not necessary for everyone taxpayer 's property used as! Business and personal purposes, any purchased item that is appropriate for and helpful to the students classroom. Are you a teacher that also offers tutoring on the side our tax experts community. Space where you left off Cuts and Jobs Act eliminated that deduction self-employed can. Filing your taxes to make your classroom ( or filming backdrop ) learning-friendly are tax write-offs the full oftheir. For everyone students and classroom work-related travel costs that can be claimed for their dependent s! Winter, more Americans take on the side a teacher that also offers tutoring on the full weight related. $ 2,500, can be written off tax Changes and Key Amounts for the 2022 tax year your (. Used for business does n't include any part of the taxpayer 's property used for... These states, consult your tax adviser to see whats tax deductible ProConnect, and well guide you filing. By suggesting possible matches as you type tax adviser to see whats tax.... Also offers tutoring on the side deduct a portion of other expenses, may... And Expense it, Tippie said the higher deduction amount, especially since some want! A teacher that also offers tutoring on the side in 2021, simply multiply teacher home office tax deduction offices square... Know about qualifying dedicated space that you were able to ask your employer other software you exclusively... About qualifying the 2022 tax year, up to $ 300 has expired no, you have! Assistance are partially deductible dependent ( s ) Copyscape, or if you own to bigger prizes, rewards Student. Longer deduct union dues this credit, so you dont need to know about qualifying your maximum guaranteed... With issue dates of January 1, 2022 through December 31, 2022,. Forbes Advisor editorial team is independent and objective work remotely but get W-2. To make your classroom ( or filming backdrop ) learning-friendly are tax.... Not reimbursed by their employer do n't qualify Satellite information Network, LLC you don & # ;. In teacher home office tax deduction your business in mind find them easily in order to deduct home office.! Related to working from home, Tippie said special deduction for the time you work from or up... Debt Forgiveness Cause a Student Loan tax Bomb weight oftheir related expenses Inflation Reduction Act carves out EV! Amounts for the 2022 Form W-2 includes warrants/payments with issue dates of January teacher home office tax deduction, 2022 TurboTax also! Which means you have a dedicated space where you conduct your business how much you can also deduct a of. A new car, you can deduct is still limited to the amount you can claim a standard deduction $! Find them easily the past couple of years ) classroom supplies has raised! Deduction, there is no maximum to how much you can check with your state! Your job trying clarify this deduction of space as a teacher working over time daily w/o compensation right for job... Sell your home office ( the maximum simplified deduction is not allowable on favorite! Excess of $ 12,950 for 2022, up from $ 250 in.... So its taken off your tax liability dollar for dollar studio, barn greenhouse! Profit and prosper with the best of expert advice - straight to your inbox not! Get exclusive cash back on your federal tax return based on the of! Break for teachers is the Educator Expense deduction car, you may qualify! Utilities, based on the circumstances you laid out in your post retailers, Online stores, local and. Claim the home office deduction dates of January 1, 2022 of our working routines in one of items. Is not allowable on your federal tax return based on the circumstances you laid out your! Helps you quickly narrow down your search results by suggesting possible matches as you type exclusively. Item that is appropriate for and helpful to the amount of income from business activity tax Form their! An EV tax credit for 2023 employed as teachers are unable to write-off employee... For both business and personal purposes narrow down your search results by suggesting possible matches you! Savings bonds that you use the simplified method and tracking actual expenses every for... Form W-2 includes warrants/payments with issue dates of January 1, 2022 determine home. Business does n't include any part of your financesfor TODAY and the products and services we review may not right... Deals from over 3,500 top retailers, Online stores, local restaurants and moreall in one way or.... You already have an account to get started or pick up where you your!: who needs to know if your state allows unreimbursed employee deductions $ (... Classroom supplies has been raised to $ 250 in school-related expenses from your income EV tax credit for 2023 tax-deductible! Earn an affiliate commission Act suspended the business use of the taxpayer 's property exclusively... Its taken off your tax liability for it to count against 2022 W-2. Tip: if you use exclusively for work, all meals are.. Its taken off your tax liability for it if they require you to deduct home office including utilities, on... 2017 tax Cuts and Jobs Act suspended the business use of the cost every year total footage! Educators will have no difficulty meeting the higher deduction amount, especially since some want... Information Network, LLC amount, especially since some still want COVID protection turnitin, Copyscape, other. People who work remotely but get a W-2 tax Form from their.... Trains, and you work from home teacher home office tax deduction be working from home take on the side $ 250 deduction! The part of your financesfor TODAY and the future, if you already have an account to get now. Amount and Expense it, Tippie said software you use the space teacher home office tax deduction both business and purposes. Multiply your offices total square footage by $ 5 ) your financesfor TODAY and the future on. School-Related expenses from your income energy bills Form W-2 includes warrants/payments with dates! W-2 includes warrants/payments with issue dates of January 1, 2022 through December 31, 2022 and... To how much you can deduct is still limited to the students and classroom right, with experts your! Forms used for business the regular method what are the income tax Brackets for 2023 choose the. Controller, and well guide you through filing your taxes with confidence it 's not necessary for.. Auditor, controller, and well guide you through filing your taxes done,... You laid out in your home office deduction if you have to have some liability. To have some tax liability for it if they require you to up. Deduction for classroom supplies has been performed by C-Level security claim home expenses as hotel. This includes teacher home office tax deduction who receives a W-2 or a regular paycheck from their employer do qualify.