Perry Webb, President of local accounting firm, Webtax, and an enrolled agent licensed to practice before the Internal Revenue Service and a Registered Tax Return Preparer, offers insight and advice for the tax season. Check back each Monday for new tips!
The eligibility rules for claiming a home office deduction have been loosened to allow more filers to claim this break. People who have no fixed location for their business can claim a home office deduction if they use the space for their business. You must use the space exclusively for business.
The IRS has provided an optional safe harbor method for figuring a home office deduction on Schedule C. For 2013, $5 per square foot may be deducted for up to 300 square feet, a maximum deduction of $1,500.
The IRS standard business mileage rate for 2013 is 56.5 cent per mile. Medical and Moving expense mileage rate is 24 cent per mile. Charitable volunteers mileage rate is 14 cent per mile.
Webtax is a tax specialist and accounting company with 13 offices in and around the Charlotte area. Webtax is family owned and operated, providing the same great service today as they did when they opened their doors over 50 years ago. To learn more visit http://prep.1040.com/webtax or call 704-568-6421.
