Maximizing Home Office Deduction (Currently Unavailable)

Author: Eva Rosenberg

This course addresses the truths, myths and ‘red flags’ related to home office. You’ll learn how to help your client maximize their deduction; when to use the Simplified Option – and when not to use it; how to protect the deduction for the long term; and when it’s important to fight for it, even if the deduction is small – and when not to use it at all. And why it’s a valuable deduction even for a business that has losses for years.

Publication Date: May 2015

Designed For
Tax practitioners at all levels regardless of tax practice who want to ensure their small business clients don’t lose this, often valuable deduction. Business owners who are just getting started – or those who have been in business for years – and want to learn what they’ve been doing correctly (or not) about their office in home deduction. Familiarize yourself with IRS Publication 587

Topics Covered

• 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
• Limits to home office deductions
• Maximizing home office area
• Depreciation must be taken

Learning Objectives

• Recognize how to use the home office deduction to the taxpayer's best advantage
• Identify how to avoid needless audit

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (3 hours)

Program Prerequisites
None

Advance Preparation
None