Maximizing Home Office Deduction for 2020 (COVID SPECIAL)

4.6 (272)

Jason Dinesen, EA, LPA

Dinesen Tax & Accounting, P.C.

Thursday, December 17, 2020 | 10:30 AM EST

  • CPA
  • EA
  • CTEC
  • TAX PROS

Credits: 1 CPE | 1 CE

FREE

Subject Area

Taxes

Webinar Qualifies For

2 CPE credit of Taxes for all CPAs

2 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273)

2 CE credit of Federal Tax Law for 2021 Annual Filing Season Certificate program( IRS Approved : GEHNZ )

2 CE credit of Federal Tax for Oregon Tax Preparers

2 CE credit of Federal Tax for Maryland Tax Preparers

2 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ )

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

Upcoming Webinars

best workshop on s corporation (form 1120s) tax return review & case study (new)

(22)

Jan 21, 2021 | 10:00 AM EST View Details

annual federal tax update - c & s corporations, partnerships & llcs (forms 1120, 1120s & 1065)

(79)

Jan 21, 2021 | 08:00 AM PST View Details

tax updates latest (business & payroll)

(32)

Jan 21, 2021 | 08:00 AM PST View Details

excel accountant: intro to spreadsheets part 2

Jan 21, 2021 | 12:30 PM EST View Details

excel tips & tricks: for every accountant, cpa, bookkeeper, tax professional, auditor & hr professionals

(4407)

Jan 21, 2021 | 01:00 PM EST View Details

ifrs fixed assets (property, plant & equipment)

(2)

Jan 21, 2021 | 01:00 PM EST View Details

irs form 1099 reporting req. including updates on form 1099-nec (latest 2020)

(2701)

Jan 21, 2021 | 01:30 PM EST View Details

noteworthy salt developments: from wayfair and beyond, revolutionary changes to state tax landscape

(97)

Jan 21, 2021 | 02:00 PM EST View Details

effective communication - from ordinary to an extraordinary cpa practice

Jan 21, 2021 | 02:00 PM EST View Details

after the elections in georgia, 2020 tax filing impact and beyond

(1035)

Jan 21, 2021 | 03:00 PM EST View Details

tax practice standards (ethics)

(2477)

Jan 21, 2021 | 03:30 PM EST View Details

business tax update 2020

(1395)

Jan 21, 2021 | 04:30 PM EST View Details

regulatory ethics guidebook for cpas: aicpa code of professional conduct

(2641)

Jan 22, 2021 | 09:00 AM EST View Details

credit cards in qbo - seamless payments from client

(2)

Jan 22, 2021 | 09:00 AM EST View Details

partnership preparation, basis calculations & distributions–form 1065 schedule k & k-1 analysis

(63)

Jan 22, 2021 | 10:00 AM EST View Details

Additional Dates

Jan 26, 2021 | 03:30 PM EST Register

Course Description

Work from home has become a new normal for many people across countries and in the US too due to the COVID-19 pandemic. Many people have been working from home since months in 2020. Due to this the expenses incurred by them while working from home has increased.

Self-employed people are allowed to take deductions on their business income for expenses they incur while working from home. Self-employed people include people who are carrying on a trade or business as a sole proprietor, independent contractor, or owner in certain partnerships. Working from home has its challenges but can also bring about tax benefits to a certain extent.

Home office expenses might be one of the most feared business deductions due to concern over disallowance by the IRS. Thus, many taxpayers entitled to the deduction don’t claim it. If you use part of your home exclusively and regularly for conducting business, you may be able to deduct expenses such as mortgage interest, insurance, utilities, repairs, and depreciation for that area. You need to figure out the percentage of your home devoted to your business activities, utilities, repairs, and depreciation.

This course will cover all aspects of the home-office deduction, which is one of the more-common deductions missed by self-employed people. 

MAJOR TOPICS COVERED :

  • The tests for qualifying for a deduction
  • Handling separate structures
  • The two methods to calculate the deduction
  • Special rules for daycares
  • Dealing with sales of the office property, including using the Section 121 exclusion
  • Business limits
  • Red flags

Learning Objectives

  • To recognize what the home office deduction is
  • To identify ways for how to qualify for a deduction
  • To identify where and how to report
  • To identify how daycares handle the deduction
  • To learn how to report sales
  • Identify proper documentation required
  • Identify the red flags for a home office

Who Should Attend?

  • Enrolled Agent
  • Tax Attorney
  • Accountant
  • CPA - Small Firm
  • CPA - Mid Size Firm
  • Accounting Firm
  • CPA (Industry)
  • Young CPA
  • Entrepreneurial CPA
  • Tax Accountant (Industry)
  • Senior Accountant
  • Accounting Managers
  • Staff of Accounting Firm
  • Bookkeepers & Accountants & Tax Preparers

Testimonial

4.6

(272)
64%
31%
4%
1%
0%

JG

Excellent webinar

JH

Great detail review before tax season

CH

Good

KJ

N/A

MED

Loved this webinar. Really helped answer a lot of questions.

JK

very good pace. great refresher. good material