Home Office Deduction ON DEMAND

Overview

This meticulously crafted online self-study CPE course designed to offer in-depth understanding and application of the federal income tax deduction for home office use. It features thorough instruction on the qualifications for a home office deduction, exploring both the actual expense and simplified methods for determining the deduction. Participants will benefit from insights into the specific rules applicable to daycare facilities, the constraints of exclusive use requirements, and the principles to determine if a home is the principal place of business. The course also provides guidance on the appropriate forms for tax preparers and essential recordkeeping strategies. By the end of this online CPE course, you will possess a comprehensive understanding of the home office deduction, enabling you to apply these principles confidently and accurately in real-world scenarios.

Highlights

Qualifying for a home office deduction. Figuring the home office deduction. Deducting and recordkeeping.

Prerequisites

None.

Designed For

CPAs, financial professionals, enrolled agents, and attorneys.

Objectives

Recognize the general requirement for exclusive use applicable to home-office deduction and the exceptions to the requirement. List the requirements that apply to a taxpayer’s qualifying for a home-office deduction for purposes of storage of product samples or inventory. Identify the conditions a taxpayer must meet in order to qualify for the exception to the exclusive use rule when operating a daycare facility. Recognize the factors that must be considered to determine if a taxpayer’s home is the principal place of business for purposes of the home-office deduction. List the exceptions to the requirement that a home office must be the taxpayer’s principal place of business in order to qualify for a home-office deduction.

Preparation

None.

Notice

None.