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Oregon's 5th District
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- Marion County
- Clackamas County
- Benton County
- Lincoln County
- Tillamook County
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- Polk County
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IRS Adopts Schrader's Simplified Home Office Deduction
01/15/13Congressman Kurt Schrader today applauded an announcement by the Internal Revenue Service (IRS) to provide eligible taxpayers and small businesses an easier path to claiming the home office tax deduction.
"As a former small business owner and current member of the House Small Business Committee, I know firsthand the unnecessary burden our job creators have to shoulder when it comes to navigating the federal bureaucracy," Rep. Schrader said. "These are the types of commonsense fixes the government should be making now to champion our businesses, promote job growth and prove that the United States is still the best place to invest."
In the 111th and 112th Congresses, Schrader introduced the Home Office Tax Deduction and Simplification Act to reduce the complexity of the tax code by allowing businesses to take a standard deduction of $1,500 for home office expenses without utilizing the current, more complicated formula.
The newly simplified tax deduction offered by the IRS allows small business owners to complete a significantly simplified form. The option is available starting with 2013 returns and is capped at $1,500 per year based on $5 a square foot for up to 300 square feet.
According to the IRS, in tax year 2010, nearly 3.4 million taxpayers claimed deductions for business use of a home. The simplified deduction option will reduce the paperwork and recordkeeping burden on small businesses by an estimated 1.6 million hours annually.