"Home Office Deduction" is a 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.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Chapter 1
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; and
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.
Chapter 2
Distinguish between the actual expense method and simplified method of figuring the home-office deduction;
List the expenses normally deductible by taxpayers using a home for business purposes who use the actual expense method;
Recognize the limits applicable to a home-office deduction; and
Calculate the home-office deduction for daycare facilities.
Chapter 3
Identify where expenses of a home office are deducted; and
Recognize the recordkeeping requirements applicable to taxpayers taking a home-office deduction.
Major Topics
Qualifying for a Home Office Deduction
Figuring the Home Office Deduction
Deducting & Recordkeeping
