Did You Know There Is A Simplified Option Available for Claiming the Home Office Deduction?
Starting in tax year 2013, people with home-based businesses can choose a new simplified option for figuring the deduction for business use of a home, commonly referred to as the home office deduction. The new optional deduction, capped at $1,500 per year based on $5 a square foot for up to 300 square feet, will reduce the paperwork and recordkeeping burden on small businesses by an estimated 1.6 million hours annually.
If you would like additional information or have any questions, please contact us at info@huffandmarshall.com or 714-841-9710.
If you would like additional information or have any questions, please contact us at info@huffandmarshall.com or 714-841-9710.