Work From Home? Your Taxes Just Got Easier

If you wanted to take the home office deduction on your taxes in years past, you’d need a measuring tape, calculator, and then a year’s worth of bills for all your home expenses. With the 2013 tax return, the IRS has introduced a new “no-doc” simplified version of the home office deduction

According to the IRS, this simplified option will save small businesses 1.6 million hours annually by reducing paperwork and recordkeeping. But just because the new option is easier, does it mean it’s better? Here, we’ll break down the two methods for calculating the home office deduction so you can decide what works for you Read more…

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