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Portland Business Journal
- Friday, September 25, 2009Self-employed home-based business owners may have an additional tax option beginning next year as bi-partisan legislation aims to streamline home office deduction filing.
The Home Office Tax Deduction Simplification Act would provide business owners with the option of a $1,500 standard deduction but would not prevent qualifying taxpayers from continuing to itemize their expenses if they wish to do so, a release said.
The bill was introduced by Rep. Kurt Schrader, Oregon 5th District Democrat, and Rep. Devin Nunes, a California Republican, with Rep. Vern Buchanan, R-Sarasota, and Rep. Ron Kind, a Wisconsin Democrat, as co-sponsors.
This bill will streamline the tax process that often puts an undue burden on entrepreneurship allowing small businesses to put these savings back into the economy, Schrader said in a release. That means hiring more workers, expanding their businesses and helping rebuild our economy.
If the bill becomes law, it will reduce the amount of paperwork and time home-based entrepreneurs spend on tax preparation. It also will require that the standard deduction is indexed for inflation.
Campaign Spotlight
Kind Communities Service Projects
Throughout my life and work, I'm constantly reminded of the importance of giving back to your community. Therefore, I am asking you to join us as we work to turn out volunteers to the many important public service efforts that are going on around us every day.
Please click the link below to get involved, suggest future projects, and learn more about the Western Wisconsin organizations that we're working with.
Thank you and please help us keep our communities healthy and strong!
Sowing the Seeds of Reform
In 2007, Ron Kind took on powerful and entrenched special interests in an effort to reform our farm and food policies to be more equitable for family farmers and for taxpayers.
Check out why the New York Times called Ron a "crusader."
Read More about Ron.
