Claiming the home office deduction now easier

Description

Abstract: For those who use their home as their place of business, claiming a home office deduction has become easier. The traditional actual expense method involved determining the many direct and indirect expenses involved in running a home office. But this brief article explains that, under the new simplified method, a taxpayer can make a simple calculation based on the area of the workspace. However, the deduction that can be claimed is limited, and there are still restrictions involved.