David Kirkpatrick

August 18, 2009

Home office deduction for dummies

I go to the trouble of taking a home office deduction because it’s worth it to me. As a professional writer I’ve worked out of my home for a long time.

Many people have home offices, but less than half take the tax deduction because the process is not easy. Once you’re going it’s not too bad, but it’s still a little onerous.

This idea makes too much sense. Quick, easy and nothing would change for those of us who actually go to the trouble of taking full advantage of the tax break.

From the link:

To ease the process, Reps. John McHugh, R-N.Y., and Kurt Schrader, D-Ore., introduced the Home Office Deduction Simplification Act last spring. The bill would create a standard $1,500 deduction, which owners could opt for over the messier version. It would translate into a tax savings of about $500 for those who aren’t currently taking the deduction, says Keith Hall, tax adviser for the National Association for the Self-Employed.