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Small Business Taxes Made Easy: Home Office (Currently Unavailable)

CPE Credit:

2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

Join the class to learn how to set up or improve your business during this COVID19 time in the world.This course is based on the tips and tools discussed in TaxMama’s latest book, Small Business Taxes Made Easy. Is the home office a red flag? Let’s clear up some common misconceptions, and discuss how to use your home office when your business is a corporation, partnership or LLC. You will learn how prove the use of the home; to find areas you didn’t realize would qualify; and legitimately increase the deductions. Also, learn a bit about how to deal with the home office when selling your home.

Publication Date: June 2020

Designed For
Tax practitioners at all levels regardless of tax practice and Business Owners.

Topics Covered

Home Office Benefits
Home Office Disadvantages
Is it a Red Flag? Asking for Audit?
Documentation
Frustrating Change to the Law Affecting Employees
State Considerations for Office in Home Telecommuters — COVID19 and Before
PPP Loan Consideration for Office in Home
Self”Rental and the 20% QBI The Qualified Business Income Deduction
IRS on S Corps
What Corporation and Partnerships Must Do
An Attractive Change to the Law Affecting Homeowners Only
Schedule C and Simplified Deduction
Exclusive Use Test
Separate Structure
Expenses
Rent
Review ” Unreasonable Rent
Mortgage Interest
Direct/Indirect Home Office Costs

Learning Objectives

Describe the details about home office deductions and when to use the actual expenses vs the simplified short cut IRS provides
Identify how to use the simplified method
Recognize which expenses are not deductible when a taxpayer uses the simplified method of calculating the home-office deduction
Identify documentation requirements
Describe true statements regarding an Employee's use of the Office in Home deduction
Recognize what is often overlooked when claiming office in home
Describe qualified expenses
Identify advantages and disadvantages of a home-based business

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

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