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Home Office Deduction Rules Change...

 
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Old 08-20-2008, 02:57 PM   #1
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Home Office Deduction Rules Change...


I just recieved notice of a change in federal tax law concerning the home office deduction for small business.

It appears they are capping the deduction at $2000 if I am reading it right. Has anyone's accountant translated the gobulty guck for them yet?

Here's a link to the legislation:
http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=110_cong_bills&docid=f:h6601ih.t xt.pdf
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Old 08-20-2008, 05:21 PM   #2
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Re: Home Office Deduction Rules Change...


With all due respect, this is a bill introduced by one member of the House of Representatives with no co - sponsors yet. There is a significant legislative process to go through before it becomes law. That may not happen until the next President and Congress are in place.

That said I think a tax professional would be working from a crystal ball advising from this bill.

It's not my intent to bemoan your thread with the name of the link below. It was just a clear explanation of where the bill is and it was in the first few that came back on the net search.

http://www.fantasycongress.com/legislation/H.R.6601

Steve

P.S. I've got my eye on the significant potential rise in Soc Sec taxes ?

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Old 08-20-2008, 05:23 PM   #3
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Re: Home Office Deduction Rules Change...


I got the same read as you. But it's tough to say because of all the circular wording. I take it that the bill has been introduced, not yet passed.

It would be a bummer if true. Last year the home office deuction made me want to hug my accountant.















Almost.

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Old 08-20-2008, 05:23 PM   #4
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Re: Home Office Deduction Rules Change...


I hope that doesn't include utility use as well, that will suck!

I also think its crap that they can apply it to this years tax return so late in the year. So much for knowing what our government is up to.
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Old 08-20-2008, 05:30 PM   #5
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Re: Home Office Deduction Rules Change...


Quote:
Originally Posted by We Fix Houses View Post
With all due respect, this is a bill introduced by one member of the House of Representatives with no co - sponsors yet. There is a significant legislative process to go through before it becomes law. That may not happen until the next President and Congress are in place.
Thanks for the clarification, I went back and looked and of course my email did say the bill is in committee, I just missed it and jumped to conclusions.
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Old 08-20-2008, 06:01 PM   #6
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Re: Home Office Deduction Rules Change...


So who is this "Ms. Vela' Zquez" that introduced this bright idea?

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Old 08-20-2008, 06:07 PM   #7
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Re: Home Office Deduction Rules Change...


Quote:
Originally Posted by Jason W View Post
So who is this "Ms. Vela' Zquez" that introduced this bright idea?

Must be a Dem from NY.......another one..... she has great timing..

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