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what does the simplified method requires the use of?

what does the simplified method requires the use of?

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Answer #1

The simplified method is an easier method to determine the amount of expenses you can deduct for a qualified use of a home conducting business. The simplified method can be used for taxable years beginning 2013. You cannot deduct depreciation expenses for the part of the home used for qualifies business.

The simplified deduction calls for standard deduction of $5 per square foot, up to 300 square feet.

You can calculate the taxable and tax free part of the annuity payments by completing the Simplified Method Worksheet. The simplified method requires the use of life expectancy tables prescribed by the IRS to figure out the figure the taxable and tax–free parts of your annuity payments.

I hope that was helpful :)

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