IRS Form 1099, 1099-NEC, and Form 1099-MISC: Advanced Issues and Updates

Accounting and Taxation of Home Office Expenses and Deductions – OnDemand

$199.00

SKU: 409373-ondemand

Description

Identify and understand the requirements for claiming the home office deduction.

Questions about the home office tax deduction have moved onto the center stage since the pandemic began. Not only are remote employees questioning the availability of this deduction, but there has been a measurable increase in the number of new businesses (U.S. Census Bureau reports that there were 4.4 million applications for new businesses in 2020, 5.4 million applications in 2021, compared to 3.5 million in 2019), many of which will qualify the owners for home office tax benefits. Take a deep dive into the home office deduction with this course, and you will be able to answer all the questions your clients have and present them with the knowledge they need to move forward with the home office deduction if it is appropriate for them.

Learning Objectives

  • You will be able to define the requirements for claiming a home office deduction.
  • You will be able to describe the types of expenses that qualify for a home office deduction.
  • You will be able to discuss the differences between the regular and the simplified methods for calculating the home office deduction.
  • You will be able to to review the benefits and detriments of claiming a home office deduction.

Pros and Cons of Claiming a Home Office Deduction
Tax Savings – Federal and State
How Employment Status Impacts the Deduction
Recordkeeping Requirements
Future Sale of Your Home

Requirements of a Deductible Home Office
Type of Work
Physical Description of Office
Exclusivity
Meeting With Clients/Customers
Exceptions for Daycare Service
Storage

Types of Expenses You Can Deduct
Direct vs. Indirect Expenses
Cost of the Home
Cost of Operating the Home
Cost of the Office Space

Regular vs. Simplified Method
Rules for Using Simplified Method
Limitations on Deductions
Carryover of Unused Deductions
Switching Methods

Case Studies and Other Considerations
Creating an Accountable Plan
Treating the Deduction as Rent
Remote Worke

  • AIPB 2.0
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
  • Enrolled Agents 2.0
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
  • CPE 2.0 including Taxes 2

Gail Perry

CPA Practice Advisor

  • Editor-in-Chief CPA Practice Advisor magazine and website
  • Author of 34 books, including TurboTax for Dummies and The Complete Idiot’s Guide to Doing Your Income Taxes
  • Principal, tax practice in Indianapolis, IN