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Small business owners and employees who work from home will have an easier option to claim the home office tax deduction next year, according to the Internal Revenue Service.

With the Senate approving the House version of H.R. 5771, Congress has just extended a package of expired or expiring individual and business provisions known as “tax extenders.” The bill has been sent to the President for signature, who is expected to approve the measure.

Two new revenue procedures have been released, detailing how taxpayers may obtain IRS automatic consent when dealing with the treatment of tangible property repairs.

It seems everyone is trying to be more energy-efficient these days, but now there is more incentive to install environment-friendly systems in commercial buildings: an additional tax deduction.

Are you up to date on the latest tax laws? These include:

The Internal Revenue Service recently issued the inflation adjustments to the depreciation limitations and lease inclusion amount for certain automobiles for the year 2012.

Optional standard mileage rates are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Taxpayers who give to charities providing earthquake relief in Haiti can claim these donations on the tax return they are completing this season, according to the Internal Revenue Service.

College can be very expensive. To help students and their parents, here are some ways to offset education costs:

One of the most common questions on business owners’ minds is what they can do to reduce their taxes.  While there are many possible responses to this question, there is one that stands out.  Just as employees may contribute some of their wages to a 401(k) to defer their taxes, small business owners have similar options.  One such option is the Simplified Employee Pension, or more commonly referred to as a SEP.