The IRS recently announced a simplified option for business owners with home offices. Beginning with the 2013 tax returns, taxpayers with qualified home offices may choose to deduct $5 per square foot up to 300 square feet (or $1,500). This new method eliminates the need for burdensome expense allocations and calculating depreciation of the home used in a business. Regardless of the method used, the requirements for the home office deduction still apply.
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