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| Author : | Paul Winn, CLU, ChFC |
| Course Length : | Pages: 32 ||| Review Questions: 10 ||| Final Exam Questions: 18 |
| CPE Credits : | 3.5 |
| IRS Credits : | 3 |
| Price : | $31.45 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 720 |
| Description : | Each year the U.S. Census Bureau publishes what it refers to as nonemployer statistics that may provide information about the increased importance of the business use of taxpayers’ homes. A “nonemployer,” for purposes of the statistics, is defined as a business that has no paid employees, has annual business receipts of at least $1,000 and is subject to federal income taxes. These nonemployers may be organized as corporations, partnerships or sole proprietorships. Because they have no paid employees, nonemployers are more likely than others to operate their businesses from their homes and seek a home office tax deduction. The data supplied on nonemployers show a generally increasing number of these businesses, from a total of 19.5 million in 2004 to 26.5 million in 2018. Although they have no paid employees, they account for significant receipts. In 2004 they produced receipts of $887 billion; by 2018, those receipts had grown to $1.3 trillion. Clearly, the likelihood that any tax return preparer will be required to prepare a taxpayer’s tax return with a home office deduction is significant and is becoming more likely each year. This course will examine the federal income tax deduction for business use of a home and will discuss:
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| Usage Rank : | 14444 |
| Release : | 2024 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Home Office Deduction
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 06-Feb-2024 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 720 |
| Keywords : | Taxes, Home, Office, Deduction, cpe, cpa, online course |
| Learning Objectives : |
Course Learning Objectives Upon completion of this course, you should be able to:
Chapter 1
Chapter 2
Chapter 3
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| Course Contents : | Course Learning Objectives Introduction to the Course Chapter 1 - Qualifying for a Home Office Deduction Chapter Learning Objectives Introduction Home-Office Deduction Requirements Exclusive Use Requirement Exceptions to Exclusive Use Requirement Storing Inventory or Product Samples Use as a Daycare Facility Regular Use for Trade or Business Requirement Home Office Used on Regular Basis Home Office Used in Connection with a Trade or Business Principal Place of Business Requirement Administrative or Management Activities Taxpayers with More than One Trade or Business Exceptions to Principal Place of Business Rule A Place to Meet Patients, Clients or Customers A Separate Structure Summary Chapter Review Chapter 2 - Figuring the Home Office Deduction Chapter Learning Objectives Introduction Methods of Figuring the Home-Office Deduction Actual Expense Method Nature of the Expense Percentage of the Home Used for Business Calculating Percentage of Home Used for Business Deductible Expenses for Home-Office Deduction Expenses Deductible by All Homeowners Expenses Deductible by Taxpayers Using a Home for Business Depreciation Insurance Rent Paid on Unowned Property Repairs Security System Expenses for Utilities and Services Deduction Limit Figuring the Deduction Limit when Taxpayer has Multiple Places of Business Simplified Method Depreciation and Actual Expenses Related to Use of Home not Deductible No Deduction of Actual Expense Carryover Expenses Deductible Irrespective of Business Use Special Rules Applicable to Simplified Method Shared Home Use Multiple Qualified Business Uses More than One Home During the Year Part Year Use or Area Changes Gross Income Limitation Determining the Home-Office Deduction for Daycare Facilities Deducting the Cost of Meals and Snacks Standard Meal and Snack Rates Sale or Exchange of a Taxpayers Home Used for Business Final Regulations on Deduction vs. Capitalization of Tangible Property Costs Summary Chapter Review Chapter 3 - Deducting & Recordkeeping Chapter Learning Objectives Introduction Where to Deduct Expenses of a Home Office Self-Employed Taxpayer & Statutory Employee Deduction of Home Office Expenses Expenses Deductible Irrespective of Business Connection Deductible Mortgage Interest Real Estate Taxes Expenses Deductible only when Home is used for Business Actual Expense Method Business Expenses Not for Use of Home Partners Deduction of Home-Office Expenses Recordkeeping Requirements Summary Chapter Review Glossary |
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