Another tax deduction you may be missing

Daily Tax Tip

Home Office deductions have long been scorned as “too risky” or “not worth the effort”.  The bottom line is that if you meet the requirements for a home office deduction there is no greater risk of audit than any other deduction, and IRS has made taking the deduction even simpler.  For tax year 2013 IRS now allows a simple calculation of five dollars per square foot for home office deduction.  Talk with your accountant about which method will get you the best deduction.