Tag Archives for " deduction "

Fact Sheet – Exemptions

  There are two types of exemptions: ¬†Personal exemptions for taxpayer and spouse ¬†Dependency exemptions for dependents Each exemption reduces the income that is subject to tax by the exemption amount. In 2012, the exemption amount is $3,800. Taxpayers cannot claim an exemption for a person who can be claimed as a dependent on another […]

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Simplified Option for Home Office Deduction

[Editorial note: Below is a notice that came directly from the IRS.] Do you work from home? If so, you may be familiar with the home office deduction, available for taxpayers who use their home for business. Beginning this year, there is a new, simpler option to figure the business use of your home.

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