Skip to content

Tax break for small home based businesses

June 13, 2014

The AICPA points out that people in modest homes with small home based businesses will benefit from using the brand new Simplified Home Office Deduction allowed by IRS for 2013. The deduction is capped at $1500 ($5 per square foot for a 300 square foot working space). But if you have a bigger, more valuable home and a larger work space then the standard method still works best. An excel spreadsheet to compare the options is available at I presume that our tax software will also have this comparison built in for the 2013 tax filing season.

From → tax planning

Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: