Article Highlights Bunching allows you to maximize your itemized deductions in one year and take the standard deduction in the next. The medical expense threshold for deductibility has been increased to 10% of AGI for individuals under the age 65. You have the option of deducting the larger of: (1) State and local income tax paid, or (2) state and local sales tax paid … [Read more...] about Make the Most of Your Deductions
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IRS Introduces New Safe Harbor Home Office Deduction
Effective for tax years beginning in 2013, taxpayers can elect a simplified deduction for the business use of the taxpayer’s home. The deduction is $5 per square foot with a maximum square footage of 300. Thus, the maximum deduction is $1,500 per year. Here are the details of this simplified method: Annual Election – A taxpayer may elect the safe-harbor method or the … [Read more...] about IRS Introduces New Safe Harbor Home Office Deduction