Wednesday, February 5, 2014

Home Office Deduction Change for 2013 Tax Year

If you work from home, you may qualify to use a new, simplified option for claiming the home office deduction when you file your 2013 taxes.





 How much simpler is it? It lets you claim $5 per sq. ft. for up to 300 sq. ft. instead of having to compute the actual expenses of your home office using a 43-line form. To calculate the square footage of your office, just multiply the length of two walls. For example, an 8-by-10-foot room is 80 sq. ft. And at $5 per, that’s $400.
Although using the simplified option is obviously easier, the basic requirements for claiming the home office deduction haven’t changed. Your home office still must be used for business purposes:


  • Exclusively, 
  • and On a regular basis. 
Source:  Houselogic.com

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