Think twice before using the new home-office deduction method

01/20/2013 | Wall Street Journal, The

The government is offering a new, simpler process for small-business owners who want to claim a deduction for their home offices, but using this method may not be the best financial decision. Small-business owners may be able to get larger deductions by using the original method, accountants note. "And you want to get the greatest deduction possible if you are self-employed because it reduces the self-employment tax in addition to income tax," said Cathy Goldsticker of Brown Smith Wallace.

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