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Done properly this deduction can reduce your taxable income substantially generating a tax savings.
Irs home office. This method allows you to use a prescribed rate that is multiplied by the allowed square footage. For taxable years starting on or after january 1 2013 filed beginning in 2014 you now have a simplified option for computing the home office deduction irs revenue procedure 2013 13 january 15 2013. Keep in mind all of the space you claim must be used for business only.
The home office deduction allows you to deduct a portion of the cost to run and maintain your home as a business expense. According to irs home office rules home office expenses can only be deducted when a specific area of your home is used regularly and exclusively as your principal place of business however if you use the home office space as a place to meet or deal with patients clients or customers even if it is not your principal place of business you may still qualify to take a home office. The standard method has some calculation allocation and substantiation requirements that are complex and burdensome for small business.
Simplified square footage in 2013 the irs made it easier to claim the home office deduction. Tax topic 509 business use of home. In 2014 the rate was 5 per square foot with a cap of 300 square feet.
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