NEW YORK (MainStreet)—The Internal Revenue Service has issued a new rule to make it easier for home-based business owners and some home-based workers to save both time and money. For the 2013 tax year, rather than itemize business expenses, qualified taxpayers with home offices can choose to take a deduction of $5 per square foot of home-office space for up to 300 square feet for a maximum of $1,500.
There are at least three groups of home business owners who will benefit from the new rule, according to Xavier Epps, a financial advisor and IRS-registered tax return preparer at XNE Financial Advising.
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