Maximizing Home Office Deductions

Authored by Eva Rosenberg
About this Course
Topics covered include: Benefits of the Home Office; Red Flags; Employees working at home; Schedule C business at home; Daycare business at home; Home Office and the entitity: S Corp, C Corp, Partnership; Home Office and the entitity: S Corp, C Corp, Partnership; Limits to home office deductions; Maximizing home office area; Depreciation must be taken. Upon completing this course, you should be able to: Recognize how to use the home office deduction to the taxpayer's best advantage; Describe how to avoid needless audit; Identify a disadvantage of having a home office; Identify red flags for a home office; Recognize the questions a taxpayer should assess to determine if a home office deduction is allowed; Describe how to avoid needless audit Identify a disadvantage of having a home office Identify red flags for a home office Recognize the questions a taxpayer should assess to determine if a home office deduction is allowed; Identify characteristics of the simplified home office deduction method; Describe how to avoid needless audit Identify a disadvantage of having a home office Identify red flags for a home office Recognize the questions a taxpayer should assess to determine if a home office deduction is allowed Identify characteristics of the simplified home office deduction method; Differentiate deductible expenses for home offices without visitors; Recognize proper statements with respect to the accounting for daycares; Identify key characteristics of avoiding home office disadvantages; Describe forms included in a taxpayer's return which would be red flagged if they also have rent or utilities included on Schedule C; Identify the maximum allowable amount and square foot of a home used as a business that can be deducted when using the simplified method; Identify the maximum allowable amount and square foot of a home used as a business that can be deducted when using the simplified method; Identify characteristics of the regular method with respect to the home office deduction; Identify the maximum allowable amount and square foot of a home used as a business that can be deducted when using the simplified method Identify characteristics of the regular method with respect to the home office deduction; Recognize the business percentage used when a client rents a home; Describe the amount of interest on a mortgage is limited to total acquisition debt.
$ 34.00
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NASBA Field of Study
Taxes
Level
Basic
CPE Credits
2.0
Prerequisites
Tax practitioners at all levels regardless of tax practice who want to ensure their small business clients dont lose this, often valuable deduction. Business owners who are just getting started or those who have been in business for years and want to le
Last Updated
04/30/2018
13601