The IRS has published a revised version of Publication 535 that gives guidance to taxpayers on claiming a tax deduction for business expenses. The publication contains instructions in respect of the years 2013 and 2014. This may be important for individuals with business income from their own business as a sole proprietor or as a subcontractor.
For the 2013 tax year taxpayers may consider the optional safe harbor method that can be used to arrive at the deduction for business use of a home, in other words a home office. It also explains the standard mileage rate for the business use of a car, van or truck. The publication also contains guidance in respect of the Additional Medicare Tax.
