Business:Management & Marketing
Bradford Hall - Common Deductions That The IRS Watches Closely (K2817)
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Bradford Hall, Managing Director of Hall & Company CPAs & Consultants, Inc. discusses some of the common deductions that taxpayers claim, but that the IRS tends to watch closely for abuse and substantiation.
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Bradford: New for 2013 is the simplified home office deduction, and it will be interesting to see, because home office deductions used to be one of the biggest targets. There’s over -- just about 3.4 million of the total taxpayers filed home office deductions the last time, I think it was 2010, and the new method is that you can claim $5 a square foot for the home office, up to 300 square feet, so up to $1,500 per year. My guess is, that will really increase the amount of people claiming the home office, but the home office does need to be used exclusively and on a regular basis by the person for business, and it cannot be used as a play room, or a tv room, family room, or bedroom, for that matter.
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