{"id":1673,"date":"2013-07-03T17:07:08","date_gmt":"2013-07-03T17:07:08","guid":{"rendered":"http:\/\/ua-cpas.com\/?p=1673"},"modified":"2013-07-03T17:07:08","modified_gmt":"2013-07-03T17:07:08","slug":"irs-offers-new-simplified-option-for-office-in-the-home-deduction","status":"publish","type":"post","link":"https:\/\/www.ua-cpas.com\/blog\/index.php\/2013\/07\/03\/irs-offers-new-simplified-option-for-office-in-the-home-deduction\/","title":{"rendered":"IRS Offers New Simplified Option for \u2018Office in the Home\u2019 Deduction"},"content":{"rendered":"<p>Beginning 2013, the Internal Revenue Service is offering a simplified method that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes.<\/p>\n<p>The new optional deduction is capped at $1,500 per year based upon $5 a square foot for up to 300 square feet. This will serve to reduce the paperwork and recordkeeping burden on small businesses.<\/p>\n<p>While the new safe-harbor may be more convenient, in many cases the traditional \u2018office in the home\u2019 deduction would yield a greater tax savings. Between mortgage interest, real estate tax and utilities, many taxpayers exceed the $1,500 cap of the new deduction. The new deduction also has the disadvantage that if it would result in a loss it cannot be taken. This is in contrast to a regular office in the home deduction, which can result in a loss carry-forward. The new deduction also cannot be combined with a loss that is carried forward from the previous year.\u00a0\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Beginning 2013, the Internal Revenue Service is offering a simplified method that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22,23],"tags":[50,95,112,162,198],"class_list":{"0":"post-1673","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-tax-tips-for-individuals","7":"category-taxes","8":"tag-business-use-of-home","9":"tag-form-8829","10":"tag-individual-income-tax","11":"tag-office-in-the-home","12":"tag-tax-update","13":"entry"},"_links":{"self":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/1673","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/comments?post=1673"}],"version-history":[{"count":0,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/1673\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/media?parent=1673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/categories?post=1673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/tags?post=1673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}