2013 New Simplified Method for Home Office Deduction

The IRS has announced, effective for tax year 2013, an alternative simplified method of calculating business use of home. The new optional deduction, capped at $1,500 per year is based on a $5.00 per square foot of up to 300 square feet of business use of the home. Like all home office deduction requirements the restricition remains the same and requires that the home office must be used regularly and exclusively for business and limited to the income derived from that particular business.

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