Do You Have a Home Office?

Easier Tax Form, Smaller Deduction – WSJ.com.

Business owners generally don’t like paperwork – particularly when it comes to filing taxes. So many owners welcomed the news this week that starting next year (when it’s time to file 2013 tax returns), they’ll have the option to take a new home-office deduction that is easy to calculate.

The new option allows qualified taxpayers to deduct annually $5 per square foot of home-office space on up to 300 square feet, for as much as $1,500. This method is more straightforward than the current 43-line tax form, which asks the taxpayer to “see instructions” 17 times and requires calculations that account for mortgage interest, insurance, repairs, utilities and other costs associated with the home.

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