Trends among workers, REALTORS®, and an easier way to claim a tax deduction
The American Time Use survey shows that just over 1 in 5 (21.3 percent) of employed persons who worked on an average day worked from home, and worked on average 2.88 hours at home.
The Treasury recently announced good news for some of these workers who may qualify for the home office tax deduction: a new, simpler option for calculating the home office tax deduction that should increase the number of Americans taking advantage of the deduction and decrease taxpayer preparation time. Instead of the 43-line form required before, qualified taxpayers can deduct $5 per square foot of home office space up to 300 square feet. It’s not available right away. This option will be available starting in tax year 2013, and most taxpayers will file this return in early 2014.