Gonzalez sponsors tax simplification bill
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U.S. Rep. Charles Gonzalez, D-San Antonio, is sponsoring legislation to simplify the home office tax deduction for small-business owners.
Under current law, qualified individuals can file for a home office tax deduction if they use a portion of their home as a principal place of business or a place to meet with clients. However, although studies indicate that 53 percent of American small businesses are home-based, few take advantage of this tax deduction.
Gonzalez’ legislation would direct the Secretary of Treasury to establish an optional, easy-to-use standard for this deduction.
“Home-based businesses are one of the fastest growing segments of our nation, providing jobs and nurturing our economy,” Gonzalez says. “To maximize the job creation role that small businesses can play in our economy, they need the right tools, which we are helping to provide by simplifying the tax deduction regulations.”
Companion legislation in the Senate is being sponsored by U.S. Sens. Olympia J. Snowe, R-Maine and Kent Conrad, D-N.D.
The Snowe-Conrad-Gonzalez initiative has been endorsed by the National Federation of Independent Business (NFIB), the IRS National Taxpayer Advocate Service, and the U.S. Small Business Administration’s Office of Advocacy.
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