Home Office Tax Deduction

Deducting the use of a home office has never been easier due to some recent

changes in the tax law.

Starting with your twenty thirteen tax return, if you're eligible for a home

office deduction, you can choose a new simplified option they can save you a lot of time.

This new option requires less paperwork and recordkeeping.

Instead of basing the Home Office Deduction on your actual expenses,

this option allows most taxpayers to simply multiply the square footage of

your office by a prescribed rate.

The new optional deduction is capped at one thousand five hundred dollars a year based on five dollars per square foot for up to three hundred square feet.

If you use this method, you cannot depreciate this portion of your home

used in your trade or business.