TNT E.49: Home Office Deductions: Methods (HOMES)

Welcome to TaxNoTuesday!!

On this two-minute episode we will go over on letter M which stands for the Methods of Calculation that you can use for your deductions.

In a rare move to simplify life for taxpayers, the IRS created a Simplified home office deduction.

You simply deduct $5 for every square foot of your home office. However, the deduction is capped at $1,500 per year; so it can only be used for offices up to 300 square feet.One more thing, you can use either the simplified method or the regular method each year, whichever gives you a higher deduction when you file your federal income tax return.If you are TIRED & OVERWHELMED dealing with your books and taxes, WYCOTAX is here to help!WYCOTAX will finish what you have started! We will close your books and file your taxes on time by being a Loyal Member NOW!As always, tune in every Tuesday for more Tax NO Tuesday Tips!Because if you can SAVE on TACOS, you can SAVE on Taxes!!#WYCOTAX #TaxNoTuesday #TaxPlanning



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