Home owners with a home office, which includes about 3.4 million taxpayers, may be familiar with tax form 8829 that the IRS uses to determine what kind of tax break their home office qualifies them for. The form is features 43 lines of heavy calculations that are almost sure to make an impression. This year, however, on January 15, the IRS introduced an easier way to get a deduction on a home office. All that needs to be done is to determine how many square feet the home office is and then multiply that by $5. Only the first three hundred square feet count for this method (for up to a $1500 deduction).
Read the full article here: One Less Tax Headache