Dedicated to our community.  Dedicated to our clients.

ph: 512.459.1110 | * for more information contact us

Dedicated to our community.  Dedicated to our clients.

3009 North Lamar, Austin, Texas 78705

ph: 512.459.1110 | * for more information contact us

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  • Building Office Sign at night
  • Midtown Office Building Sign
  • Conference Room
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New Filing Option for Home-Based Business Deductions

3/12/2014

Since many realtors are self-employed, there are some important updates to this year’s tax return filing options for home-based office deductions that we thought you might want to know.
 
Effective for the 2013 tax filing year taking place right now, there is a new simplified form for claiming tax deductions on home-based businesses.  In using the basic calculation instruction sheet, the new figures must only be entered on line 30 of Schedule C on the 1040, instead of the previous 43-line 8829 calculation and recording document.  These deductions are capped at $1500 and can apply to as much as 300 square feet of use for the home-based business. 
 
While other long standing provisions still apply, the new method will streamline the reporting process and save countless hours of documentation and calculation.  
 
For more information and to access the Schedule C document and instructions, click HERE.

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Organizations supported by Midtown

  • AIDS Services of Austin
  • Austin Children's Shelter
  • Austin Community Foundation
  • Austin Council of the Blind
  • Austin History Museum
  • Austin Museum of Art
  • Caritas of Austin
  • Emancipet
  • Equality Texas
  • Hill Country Ride for AIDS
  • March of Dimes Foundation
  • Octopus Club
  • Out Youth
  • Polari (formerly aGLIFF)
  • Project Transitions
  • Susan G. Komen Foundation
  • Ronald McDonald House
  • Waterloo Counseling Center

 

 
Midtown Independence Title • 3009 North Lamar Blvd., Austin, TX 78705 • (512) 459-1110


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