The Home Office Deduction and Potential Pitfalls

Lorman Education Services
Training overview
Professional Course
1.5 hours

Course description

The Home Office Deduction and Potential Pitfalls

The Home Office Deduction and Potential Pitfalls

Gain a better understanding of the benefits and potential pitfalls of the home office deduction. While the home office deduction is one of the most common deductions that tax professionals take for their clients, it is not without its pitfalls and drawbacks. This topic helps tax professionals navigate the maze of the home office deduction and the potential pitfalls of taking the deduction. After this topic, you will be able to recognize whether your client qualifies for the deduction under the “regular and exclusive use” test, compare and contrast the Simplified Option to the Regular Method, the requirements to claim the deduction, and recognize the potential pitfalls, by analyzing Tax Court Cases, discussion of depreciation carryback, and other complications of taking this deduction. If you have clients that run a home based business, or even clients that work for an employer and work out of their home at the convenience of their employer, you will not want to miss this information.

Learning Objectives

  • You will be able to define the home office deduction.
  • You will be able to describe the difference between the Simplified Method and Regular Method.
  • You will be able to discuss complications about taking the home office deduction.
  • You will be able to explain “regular and exclusive use”.

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    Who should attend?

    This live webinar is designed for accountants, CPAs, controllers, CFOs, tax managers, finance directors, presidents, vice presidents, CEOs, business owners, bookkeepers, tax preparers and attorneys.

    Training content

    • What Is the Home Office Deduction?
    • Requirements to Claim the Deduction
    • What Can Be Deducted?
    • What's the Big Deal?Calculating the Home Office Deduction
    • Simplified Option
    • Regular Method
    • Comparison of MethodsPotential Pitfalls
    • "Regular and Exclusive Use"
    • Depreciation Carryback
    • Complications

    Costs

    The cost of this The Home Office Deduction and Potential Pitfalls live webinar is $219 per participant.

    About Lorman Education Services

    Lorman Education Services

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    Contact info

    Lorman Education Services

    Lorman Education Services
    2510 Alpine Road
    54702 Eau Claire Wisconsin

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