Home-Based Business

On Tuesday January 15, 2013 the IRS announced a new simplified deduction for home offices that will go into effect the next tax year. This deduction will:

• increase flexibility
• save time and expenses for small businesses that operate out of their home
• allow business owners the option of taking a standard $1500 deduction for expenses related to a home office
• prevent the need for complicated calculations about the allocation of expenses required under the existing home office deduction

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