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>> INTERNAL REVENUE SERVICE Latest News

AUG 16, 2013 - TheStreet

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There's a Simpler Home Office Deduction in 2013

By Jim Blankenship NEW YORK (AdviceIQ) -- This year, the Internal Revenue Service allows a new method of deducting expenses for home offices. You can still deduct for home office space using the old method -- and this new "safe harbor" option, which the IRS calls "simplified," has calculation wrinkles that may not be for everyone. The new method allows you to deduct a flat $5 per square foot of dedicated office space in your home, up to a maximum of 300 square feet. Three reasons this might be for you: 1. If you are just starting to take the home office deduction, you can forget ... Read More

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