photo credit: Travis Isaacs
Home based businesses are one of the most rapid growing in our nation today. Many people all over the nation are switching to working from home, and over time are adding employees to their home based office providing jobs to those who are out of work.
U.S. rep Charles Gonzalez is supporting a new bill that is on the table that will simplify the tax deductions for home based businesses and offices at the end of the year, recently stated in a post on Business Journals.
Under current law, qualified individuals can file for a home office tax deduction if they use a portion of their home as a principal place of business or a place to meet with clients. However, although studies indicate that 53 percent of American small businesses are home-based, few take advantage of this tax deduction.