Home-Office Tax Deductions Made Simplier for 2013
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We know that many of our users work out of their homes, using their personal space to conduct business. Doing so allows you to take deductions on your taxes, but until this year the process was a grueling one that we know many of you avoided to spare yourselves the headache. The good news is that starting this year the government has made taking these deductions A LOT easier.
For the current tax period, starting January 1, 2013 (meaning you will file this next year) you can simply deduct $5 for each square foot of home space you use for an office, up to a maximum of $1500 – without having to fill out complicated forms or jump through hoop after hoop. If you normally deduct more than this then you will have to continue to do things the old way, but this should be a great boon for many. You can read more about the change at the IRS Blog, in addition the NY Times has done a piece outlining some of the pros and cons: here.
As always we here at WorkingPoint are looking our for you, our SMB users. If you have any questions, or comments please leave them below.
Thanks and Happy Deducting for this year too!
-The WorkingPoint Team