Simplified Home Office Deduction

conf-rm-1-4Starting with their 2013 tax return, taxpayers who claim deductions for business use of a home (“the home office deduction”) now have another option. Taxpayers claiming the home office deduction are generally required to fill out a 43-line form (Form 8829) often with complex calculations of allocated expenses, depreciation and carryovers of unused deductions.

Taxpayers claiming the optional deduction will complete a significantly simplified form. The new optional deduction is capped at $1,500 per year based on $5 per square foot for up to 300 square feet. We can look at your circumstance both ways and do whichever is best for you.

Requirements for Deduction
posted 02/04/14

Gregory J. Cook, EA, CPA

News and announcements from Cook & Co. Tax Advisors at 124 South Main Street in Arab, Alabama.
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