The Ledger Collection: January 2014

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Private Client Services

The Changing Home Office Deduction

As technology advances and the professional landscape continue to evolve, the use of a home office is increasingly common. The U.S. Census Bureau has reported that over 50% of all U.S. businesses now operate primarily from someone’s home.

Private Client Services

The Home Mortgage Interest Deduction

In 1913, when the original U.S. tax system was revamped and the federal income tax re-imposed, it included a deduction for all interest paid. While personal interest (interest on personal loans and credit cards) was originally deductible, today’s interest deduction is limited to investment interest expense and home mortgage interest.