An Intruder Just Got Into Your Home Office: The IrsPam Black and Amy Dunkin
Bill Clinton may not have decided whether to raise taxes. But in an 8-1 decision limiting home office deductions, the Supreme Court on Jan. 12 in effect did part of the job for him. Hundreds of thousands of people will be affected by the ruling, which allows deductions only if a home office is the principal place of business. Some 1.6 million taxpayers claimed home office deductions last year, saving an estimated $8 billion. No one knows precisely how many taxpayers will be affected, but one New York accountant says it could be upward of 50% of those who claimed the deduction.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Fewest Jobless Claims Since 1973 Show Firm U.S. Job Market
- Greenwich Mansion Listings Pulled to Wait for a Better Day
- U.S. Stocks Climb With Treasuries as Dollar Slides: Markets Wrap
- The U.K.'s $86 Billion Pension Problem Is About to Solve Itself
- Germans Are Going Wild for a Show Set During the Dawn of the Nazis