CPE Packages (Incl. Ethics) for Multiple States and Qualifications Available. Price $4/credit - CLICK HERE to view.

Maximizing Home Office Deduction for 2020 (COVID SPECIAL)

4.6 (1982)

Jason Dinesen, EA, LPA

Dinesen Tax & Accounting, P.C.

Tuesday, January 19, 2021 | 04:00 PM EDT

  • AFSP
  • CPA (US)
  • EA
  • Tax Preparer
  • CPA/PFS
  • CTEC

1 Credit

FREE

Subject Area

Taxes

Webinar Qualifies For

1 CPE credit of Taxes for all CPAs

1 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-T-00356-20-O)

1 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273) (Approval No. 6273-CE-0359)

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

1 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-T-00356-20-O)

1 CE credit of Federal Tax for Oregon Tax Preparers (Approval No. GEHNZ-T-00356-20-O)

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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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

Who Should Attend?

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

Testimonial

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(
    [no_of_record] => 1982
    [average] => 4.5535
)
 

4.6

(1982)
62%
32%
5%
1%
0%

MM

presenter knows his stuff and presents in a manner that makes info easy to understand

MS

Jason was well informed and he kept my attention throughout the webinar.

KM

Super helpful information, presented eloquently.

JP

First time using myCPE. Great experience

DM

Jason has a wonderful teaching impact.

LD

Instructor amazing