“Safe Harbor” for Home Office Expenses

Making News:

Tax season may have just ended, but that doesn’t mean preparation should take a vacation. Here’s news that every fitness professional who runs his or her business from a home office or uses a home office for management chores will be happy to learn: The Internal Revenue Service has announced that beginning with the 2013 tax year, a new “safe harbor” will allow qualified taxpayers to deduct as much as $1,500 in home office expenses—while reducing the administrative, recordkeeping and compliance burdens of claiming this deduction.

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