CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

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
June 6, 2020
Number of Pages
68
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-00965-16-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
June 6, 2020
Number of Pages
68
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-00965-16-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