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Warning: the home office deduction was way easier than I thought once I tried the simplified square footage method instead of tracking every single expense
After 3 years of avoiding it because I was scared of an audit, I finally claimed it for my 400 square foot workspace and it cut my taxable income by $1,500 without any of the complicated receipts or calculations - has anyone else found this route actually simpler than the horror stories make it sound?
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paige_bell812d ago
Did you use the simplified method for the full 400 square feet? I thought the limit was 300 square feet max for that approach, so you might want to double check your math there. The rate is $5 per square foot up to that cap, so it would be $1,500 only if you had exactly 300 square feet, not 400. Just a heads up in case the IRS looks at it differently.
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keith1641d ago
Yep, seems like every hobby has its own fine print that catches people off guard, @paige_bell81.
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