Unique Content Article on home office,home office deduction,irs,tax code,internal revenue service

<h2 class = 'uawtitle'>New Home Office Deduction Process Made Simpler</h2><br />
<div style='font-style:italic;' class='uawbyline'>by Cornelius Nunev</div><br /><br />
<div class='uawarticle'>Taxpayers who want to claim deductions for their home offices -- a move that is notorious for raising warning flags with the Internal Revenue Service -- will find a simpler go of it under the revised tax code for 2013.<br />
<br />
<strong>A brand new home office deduction</strong><br />
<br />
All entrepreneurs and small business owners who want to deduct rooms in their homes on their taxes will have it easier here soon. The Internal Revenue Service is simplifying the procedure.<br />
<br />
The Internal Revenue Service reports that 3.4 million Americans deducted home offices as part of their taxes in 2010.<br />
<br />
Taxpayers can only deduct office expenditures in a home, according to section 280A, if it is: "The principal place of business of a trade or business, as a place where you meet with patients, clients, or customers in the normal course of your business, or your work as an employee, but only if the use of the home office is for the convenience of your employer."<br />
<br />
<strong>Not so hard anymore</strong><br />
<br />
However, in previous years, that was easier said than done. Working class individuals seeking the deduction were (and still are, when filing a 2012 tax return) required to fill out the 43-line Form 8829 to determine expenditures and the portion of the home used for business. That procedure many found confusing and cumbersome.<br />
<br />
In 2014, it will be much less with $5 per square foot of room and up to 300 square feet.<br />
<br />
The IRS feels accomplished and like it has saved taxpayers millions of hours of complicated paperwork with the change.<br />
<br />
<strong>Every person happy about it</strong><br />
<br />
A trade group for entrepreneurs, The National Association for the Self-Employed, had passionate words for the tax code upgrade.<br />
<br />
"This is terrific news for the 52 percent of all small business that work from home, who fight every day to meet their bottom lines while continuing to contribute to the economy," said Kristie Arslan, who heads the group. "The previous calculation for the deduction was cumbersome and time consuming for America's smallest business and year after year hard-earned dollars were left on the table."<br />
<br />
The first returns to incorporate the change will be 2013 returns filed in 2014.<br />
<br />
</div><br />
<div class='uawresource'><br />
<div style='font-style:italic;' class='uawabout'><br />
About the Author:<br />
</div><br />
<div class='uawlinks'>Article source: <a href="https://personalmoneynetwork.com/">why not necessarily undertake your hair a favour plus require a peek from https://personalmoneynetwork.com/?</a></div><br />
</div><br />
<hr><br />
<p>You are receiving this because you signed up for it on 2012-11-21 from IP 65.49.14.75</p><br />
<p>To fine-tune your selection of which articles to receive, just <a href='http://www.uniquearticlewizard.com/bloggers/'>login here</a><br>using your username: </p><br />
<p>To unsubscribe please use the following link:<br><br />
<a href='http://www.uniquearticlewizard.com/unsubscribe.php?mail=jabartts.muhmmad @blogger.com&code=49e7b32116d525bd162ea182cd5ad8f6'>Unsubscribe</a><br />
<hr><br />