CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

All New and Current customers who purchase the Premium, Plus, or Core (Total Value Package) 2021 Federal Tax Update or the 2021 Federal and California Update will get the Tax Advisory Complement Bundle for free.

NOTE:

  • New Federal Tax Update customers will get an immediate email with a coupon code for the free course once their Tax Update purchase is complete.
  • Current Customers that purchased the Premium, Plus, or Core (Total Value Package) 2021 Federal Tax Update will get an email with a coupon code to get the Tax Advisory Complement Bundle for free.

Home Office Deduction

Icon_Self-Study
Self-Study
Icon_Level
Basic
Credits
CPE Credits
3 Credits: Taxes

Course Description

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.

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.

Course Specifics

Course ID
8162543
Revision Date
January 22, 2021
Number of Pages
68
Prerequisites

There are no prerequisites.

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01686-20-S
IRS Federal Tax Law Credits: 3
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-0937
CTEC Federal Tax Law Credits: 3

Course Instructor

Paul J. Winn Headshot
Paul J. Winn CLU ChFC

Paul Winn CLU ChFC is a writer with more than 30 years experience in the life insurance and securities industry as an agent/registered representative, an agency head, a marketing vice president for a life insurance company and the president of a corporate registered investment adviser. He was a long serving member of the advisory board to the New York State insurance department. He is a published book author and creator of more than 200 taxation, insurance and securities training courses.

Home Office Deduction

Expert Instructors
Format
CPE CREDITS
3 Credits: Taxes

$87.00$107.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Basic
Credits
CPE Credits
3 Credits: Taxes

Course Description

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.

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.

Course Specifics

Course ID
8162543
Revision Date
January 22, 2021
Number of Pages
68
Prerequisites

There are no prerequisites.

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01686-20-S
IRS Federal Tax Law Credits: 3
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-0937
CTEC Federal Tax Law Credits: 3

Course Instructor

Paul J. Winn Headshot
Paul J. Winn CLU ChFC

Paul Winn CLU ChFC is a writer with more than 30 years experience in the life insurance and securities industry as an agent/registered representative, an agency head, a marketing vice president for a life insurance company and the president of a corporate registered investment adviser. He was a long serving member of the advisory board to the New York State insurance department. He is a published book author and creator of more than 200 taxation, insurance and securities training courses.

Home Office Deduction

Expert Instructors
Format
CPE CREDITS
3 Credits: Taxes

$87.00$107.00

Clear