The Internal Revenue Service reminded home-based businesses and their tax preparers Friday about a new simplified option for claiming the home office deduction that is available for the first time this year, allowing home businesses to deduct up to $1,500 from their taxes.
In tax year 2011, the most recent year for which figures are available, approximately 3.3 million taxpayers claimed deductions for business use of a home, commonly referred to as the home office deduction, totaling nearly $10 billion.
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