DelGreco Tax and Insurance

The Internal Revenue Service today announced a simplified option that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes. In tax year 2010, the most recent year for which figures are available, nearly 3.4 million taxpayers claimed deductions for business use of a home (commonly referred to as the home office deduction). The new optional deduction, capped at $1,500 per year based on $5 a square foot for up to 300 square feet, will reduce the paperwork and recordkeeping burden on small businesses by an estimated 1.6 million hours annually.

IRA owners, age 70 or older, can transfer tax-free up to $100,000 for both 2012 (by February 1, 2013) and 2013 to eligible charities.

Due to late tax law changes, the 2013 filing season for processing individual income tax returns will begin on January 30, 2013.