31 Jan '13, 12pm

Good News for Home-Based Business: IRS Simplifies Home Office ...: By Karen Axelton. If you are a home-based bus...

Homeowners using the simplified option cannot depreciate the portion of their home used for business. However, they can claim allowable mortgage interest, real estate taxes and casualty losses on the home as itemized deductions on Schedule A . These deductions do not have to be allocated between personal and business use, which the traditional method requires. Since the optional deduction has a cap of $1,500, if your home office is significantly bigger than 300 square feet or if you have extremely high utility bills or other costs, you may want to stick with the traditional method of claiming deductions. No matter which method you use, you still have to meet the current restrictions regarding the home office deduction. For example, the home office must still be used regularly and exclusively for business, not for personal use.

Full article: http://www.networksolutions.com/smallbusiness/2013/01/goo...

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