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

Accounting and Taxation of Home Office Expenses and Deductions (OnDemand Webinar)

$199.00

SKU: 409373EAU

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.

Date: 2022-06-28 Start Time: End Time:

Learning Objectives

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 Workers

AIPB ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

Gail Perry-Gail Perry, CPA

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

Accounting and Taxation of Home Office Expenses and Deductions (OnDemand Webinar)

$219.00

SKU: 406561EAU

Description

Identify the requirements for claiming the home office deduction.This topic will go in depth into practical guidance for calculating the home office deduction, as well as present recent IRS cases. The knowledge, tax saving guidance and tools on properly reporting will assist you in helping to reduce your tax liability and reduce your chances of an IRS audit.

Date: 2019-11-13 Start Time: End Time:

Learning Objectives

Requirements for Claiming the Home Office Deduction
• Define the Home Office
• Identify the Business Entities Allowed to Claim the Home Office Deduction

Components Comprising the Home Office Deduction
• Determine the Amount of the Simplified Method
• Know the Expenses Comprising the Actual Method
• Select Between the Two Methods

The Benefits of the Home Office Deduction
• Apply the Home Office Deduction to Reduce Tax Liability
• Claim Other Deductions Related to the Home Office

The Potential Pitfalls That Could Trigger an IRS Audit
• Review Recent Court Cases That Show Actions That Should Not Be Followed
• Statistics Regarding IRS Audits by Entity Type

No Credit Available

Lawrence M. Raigrodski, CPA-Lawrence M. Raigrodski, CPA