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Wednesday, January 16, 2013

Simplified home-office deduction safe harbor announced

While the computation of amount is greatly simplified, the provision still includes the reference that the office space in home is used 'exclusively' for the related business. Taken literally, that is a high hurdle. For instance, my only office space is in my home, but it is clear that I use it for a variety of activities (personal, church, and professional work), so I fail the 'exclusive' test. http://tinyurl.com/ahl6yq2

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