Get the newsletter
 
Bookmark and Share
 

Related and Similar Stories

One Million Records Missing From County Site
 
Computer Error Mislabels Man as Sexual Predator
 
Supreme Court: 'Counties Not Protected By Sovereign Immunity'
 
Criminal Links to Government Web Sites

Scammers, stalkers, terrorists and murderers have been feeding on information served to them by local, state, and federal Web sites for more than twenty years.

 
Government Websites Cross Jurisdictions To Serve Your Data Worldwide
 
Identity Theft Sweeps Candidates In and Out of Office in 2006
 
California Caught Selling Social Security Numbers
 
How Criminals Use Online Government Records
 
Federal Agents Raid, Close Ohio County's Auditor's Office

County Recorder Resigns, Takes Federal Plea Deal

O'Malley Released

 
County Recorder Charged with 19 Felony Counts

County Recorder's Files Confiscated

Judge orders County Recorder to leave office

Corruption Charges Move Forward Against Former County Recorder

 

KY County clerk charged with seven felony counts

 
Criminal Links to Government Web Sites
 
Redaction Failed - Travis County Puts Sensitive Records Back Online
 
Illinois Lawsuit Debates County's Control of Public Record Access
 
Online Records Linked to Identity Theft, and Worse
 
 
News for Public Officials and the People They ServeGet The News for Public Officials Newsletter - Its Free!

  

IRS Reminds Home-Based Businesses of Easier Option To Claim $1500 Deduction

March 7, 2014

The Internal Revenue Service today reminded people with home-based businesses that this year for the first time they can choose a new simplified option for claiming the deduction for business use of a home.

Though homeowners using the new option cannot depreciate the portion of their home used in a trade or business, they can claim allowable mortgage interest, real estate taxes and casualty losses on the home as itemized deductions on Schedule A. These deductions need not be allocated between personal and business use, as is required under the regular method.

The new optional deduction, capped at $1,500 per year based on $5 a square foot for up to 300 square feet, will reduce the paperwork and recordkeeping burden on small businesses by an estimated 1.6 million hours annually.

Normally, home-based businesses are required to fill out a 43-line form (Form 8829) often with complex calculations of allocated expenses, depreciation and carryovers of unused deductions. The new option is available starting with the 2013 return home based business owners are filing now.

The new option allows taxpayers with home businesses to complete a short worksheet in the tax instructions and enter the result on their return. Self-employed individuals claim the home office deduction on Schedule C Line 30, and eligible employees claim it on Schedule A Line 21.

Further details on the home office deduction and the new option can be found in Publication 587, posted on IRS.gov. Or you can watch a YouTube video on the Simplified Home Office Deduction.

 



Get the newsletter - Its Free

 

This website is not affiliated with any government organization, party or program. News for Public Officials is dedicated to providing news, editorials and information that may help elected officials better serve the people who elect them. The information and notices contained on this website are intended as general research and information and are expressly not intended, and should not be regarded, as financial or legal advice. We attempt to ensure that the material contained on the web-site is accurate and complete at the date first published, however you should recognize that information contained on this web-site may become out of date over time and we may be compensated for referrals.  Privacy policy