Simplified Option versus Regular Method for Home Office Deductions

Korb, Phillip J.; Williams, Jan L.
December 2014
CPA Journal;Dec2014, Vol. 84 Issue 12, p36
Academic Journal
The article discusses the tax deduction options available for home workers in the U.S. Topics covered include the Revenue Procedure instituted by the Internal Revenue Service (IRS) for calculating the home office deduction, the treatment of depreciation on the taxpayer's home and the factors considered when choosing a method to calculate the home office deduction. Also mentioned is the potential impact of the deduction on an individual's tax liability.


Related Articles

  • CHAPTER 6: The Home Office Deduction. Fishman, Stephen // Home Business Tax Deductions;Nov2016, p121 

    The article offers information on the home office deduction in the U.S. which allows one to deduct many of the costs linked with running a business from one's home. If one meets the requirements, one can take the deduction for a side business which one runs from a home office. The Internal...

  • CPAs say home office deductions, 'hobby losses' are biggest red flags to IRS.  // Enterprise/Salt Lake City;2/24/2003, Vol. 32 Issue 35, p3 

    Provides information on the findings of a survey conducted by CPAmerica International regarding the risks that may trigger an audit by the U.S. Internal Revenue Service. Home office deduction; Hobby losses; Inflated self-employment expenses.

  • New Simplified Method Available for Home Office Deductions.  // Federal Tax Course Letter;Mar2013, Vol. 27 Issue 3, p6 

    The article focuses on a new method for computing home office tax deductions provided by the U.S. Internal Revenue Service (IRS). The author stated that under the new method, deduction regarding business use of a residence is computed by multiplying square footage of the business portion of the...

  • Simplified option for claiming home office deduction begins in 2013.  // Athens News;3/25/2013, p19 

    The article reports that the U.S. Internal Revenue Service (IRS) will start implementing in 2013 a simplified option that owners of home-based businesses and home-based workers may use to determine their tax deductions for the business use of their homes.

  • The Home Office Tax Deduction: Simplifying Rules And Helping Small Business Owners Succeed.  // Whitehouse Blog;2013, p732 

    A blog post about the decision of the U.S. Internal Revenue Service (IRS) to provide an option for calculating the home office tax deduction in 2013 is presented.

  • IRS offers five things to consider if taking home-office deduction.  // Journal of Business (10756124);10/21/2010, Vol. 25 Issue 22, pC11 

    The article offers suggestions from the U.S. Internal Revenue System (IRS) for enterpreneurs, taxpayers and small business people to be taken into consideration while claiming for the home-office deduction with the federal income tax return.

  • To Deduct or Not to Deduct. Cochran, Ann // Washingtonian Magazine;Aug2005, Vol. 40 Issue 11, p175 

    Focuses on tax deduction for home-office expenses. Condition for home office to qualify for tax deduction; Percentage of home-office depreciation recaptured by the U.S. Internal Revenue Service with the sale of home; Advantage of working at a client's location.

  • Key choice on home office deductions.  // Small Business Tax Strategies;Jan2014, Vol. 9 Issue 1, p1 

    The article offers tips on home office tax deductions, focusing on the simplified method introduced by the U.S. Internal Revenue Service (IRS) for small business owners to deduct home office expenses. It suggest using the office regularly and exclusively as the principal place of business or as...

  • Home-Based Business Deductions Are Not Always Legal. Weld, Leonard G.; McClung, Kaye F. // CPA Journal;Fall2004, Vol. 75 Issue 3, p46 

    Focuses on the legalization of home-based business tax deductions in the U.S. Importance of the distinction between a business and a hobby; Number of tax returns filed in 2001; Information on nondeductible personal expenses that are commonly claimed as business expenses in home-based business...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics