Home Office Deduction examines the federal income tax deduction for business use of a home. It addresses the qualifications for a home office deduction and the actual expense and simplified methods of determining the deduction. In addition, it discusses the special home-office deduction rules applicable to daycare facilities and the recordkeeping requirements for taking a home office deduction. Also covered are where the deduction should be taken and the forms a tax preparer should use in connection with the deduction.
Upon successful completion of this course, participants will be able to:
- 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.
- 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.
- Identify where expenses of a home office are deducted; and
- Recognize the recordkeeping requirements applicable to taxpayers taking a home-office deduction.
Choose Your Preferred Format
Get immediate access to a robust collection of learning and reference materials, allowing you to dive deep into the information you need. Our self-study materials are authored by top-quality, industry experts who focus on helping you grasp concepts quickly using real-life examples. Download your CPE to any device, and take it with you so you can learn when and wherever you want. Complete your CPE with an online exam, and enjoy instant grading with the option to print your certificate immediately upon passing.
Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.
Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.
Back to top