The Last Year for 3 Home Tax Benefits
2013 was the last year for three sweet home tax benefits, but congress is unlikely to do anything to re-up them anytime soon. So make sure you take advantage and include in your taxes this year. Here's what you need to know about those expiring benefits as you ready your taxes.
Why Might the Tax Benefits Not Be Renewed?
New Simplified Option for the Home Office Deduction
While the above three items are now gone, there is one piece of good news for homeowners: If you have a home office, there's a new, simpler option for calculating the home office deduction for which you may qualify on your 2013 taxes.
How much simpler is it? It lets you claim $5 per sq. ft. for up to 300 sq. ft. instead of having to compute the actual expenses of your home office using a 43-line form. To calculate the square footage of your office, just multiply the length of two walls. For example, an 8-by-10-foot room is 80 sq. ft. And at $5 per, that’s $400.
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