Rep. Charles Gonzalez (D-TX) recently introduced the Home Office Tax Deduction Simplification and Improvement Act (H.R. 7074). According to a press release by the U.S. Small Business Administration’s Department of Advocacy, the goal of the bill is to simplify the home office deduction by introducing a standard deduction for small-business owners. It is companion legislation to S. 3371, introduced earlier this year by Sen. Olympia Snowe (R-ME).
According to research from Advocacy, tax compliance is 67 percent more burdensome for the smallest businesses compared to their larger competitors. Tax complexity, combined with the fact that 53 percent of America’s small businesses are home-based, prompted Advocacy’s support for H.R. 7074.
This entry was posted on Tuesday, October 14th, 2008 at 9:19 am and is filed under Legislation. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.Leave a Reply
