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Maximizing Home Office Deduction (Covid Special - Latest)

  • AFSP
  • CPP
  • CPA (US)
  • EA
  • Tax Preparer
  • CPA/PFS
  • CRTP
  • FPC

Published: April, 2021

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • Faq

Course Description

Overview

  • Home office qualifications
    2 mins
  • How to qualify
    7 mins
  • Regular and exclusive use
    13 mins
  • More than one businesses
    20 mins
  • Claiming the deduction
    26 mins
  • Determining the office area
    30 mins
  • Standard deduction
    39 mins
  • Home Vs. Separate Structure
    43 mins
  • Home office and depriciation
    46 mins

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 online CPE webinar for CPAs  will cover all aspects of the home-office deduction, which is one of the more-common deductions missed by self-employed people. 

This online CPE webinar covers following key topics:

  • 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

Recommended For

  • This CE webinar is recommended for any Professional or Staff Member helping client in Preparing Federal Income Tax Retruns

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Personal Financial Specialist (PFS)
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Professionals
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 CPD Credit of Fundamental Financial Planning Concepts for Personal Financial Specialist (PFS)
  • 1 CE Credit of Taxes for Tax Professionals (Approval No. GEHNZ-T-00356-20-S)
  • 1 CE Credit of Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00356-20-S)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 RCH Credit for Certified Payroll Professional (CPP)
  • 1 CE Credit of Taxes for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Federal Tax Related Matters for California Registered Tax Preparers(CRTP) (Approval No. 6273-CE-0359)
  • 1 RCH Credit for Fundamental Payroll Certification (FPC)

Presenter

About Presenter

Jason Dinesen, EA, LPA

President Dinesen Tax & Accounting, P.C.

Jason Dinesen (LPA, EA) is an entrepreneur, tax expert, and CPE Presenter. Dinesen brings over 15 years of experience helping individuals and businesses with accounting, bookkeeping, tax preparation, and business advisory in various industries. 

Dinesen is a regular CPE Presenter at myCPE. He has coached more than 200k+ accounting, taxes, and HR professionals on various topics of accounting, individual taxation, corporate taxation, and professional ethics.  Jason has developed a strong following within the professional community for tax-related subjects. 

Dinesen is known for sharp tax interpretations, and he quickly brings his analysis of the latest tax updates and IRS guidance to the professional community.

About Company

Dinesen Tax & Accounting, P.C.

www.dinesentax.com

Unlike some other accounting firms, when Dinesen Tax & Accounting, P.C. says we offer personal service, we mean it. When you come to us with your tax preparation needs, you’ll deal directly with our owner and president, Jason Dinesen. We don’t put administrative staff in the middle of you and our tax expert. That means you’ll always have first-hand knowledge of where things stand, and important information won’t slip through the cracks. We welcome all clients, but especially individuals who want the benefits of a long-term relationship with an accounting firm capable of handling anything that might come along with their taxes. We give all our clients the time, attention, and convenience they should expect. If you have a challenging professional or personal schedule, Jason will accommodate you by meeting whenever – and wherever – works best for you.

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
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  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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Ratings and Review

4.6

2078 Ratings

Excellent

1283

Very Good

676

Average

103

Poor

13

Terrible

3

MS

Melvin Smith, AFSP, Tax Pros

Apr 13th, 2021

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

KM

Kati Meader, CPA (US)

Apr 13th, 2021

Super helpful information, presented eloquently.

JP

Joseph Pottackal, CPA (US)

Apr 6th, 2021

First time using myCPE. Great experience

GJ

Gwendolynn Jayne, CPP, SPHR, SHRM - SCP

Dec 23rd, 2021

I feel like I understand the changes to the home office deduction for this year.

MDW

Marcia D Williams, CPP, Others

Nov 8th, 2021

Great information and Refresher and good to know changes re: home office deductions due to Covid changes.