Small Business, Big Ideas

with Jean Willard

August 2013


Now there’s an easier way to compute home office deductions

If you’re an entrepreneur who works out of a home office, you can now take advantage of a more simplified approach to claiming deductions. At tax time, one of the topics we discuss most frequently with clients is how a home office deduction can be taken on the return of an individual who owns a small business. The legislative history of this deduction has taken some twists and turns over the years, but in January, the IRS issued Rev. Proc. 2013-13, which details an optional safe-harbor method for individual taxpayers wishing to claim a home office deduction.

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