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Accounting and Taxation of Home Office Expenses and Deductions

Identify and understand the requirements for claiming the home office deduction.

Questions about the home office tax deduction have moved onto the center stage since the pandemic began. Not only are remote employees questioning the availability of this deduction, but there has been a measurable increase in the number of new businesses (U.S. Census Bureau reports that there were 4.4 million applications for new businesses in 2020, 5.4 million applications in 2021, compared to 3.5 million in 2019), many of which will qualify the owners for home office tax benefits. Take a deep dive into the home office deduction with this course, and you will be able to answer all the questions your clients have and present them with the knowledge they need to move forward with the home office deduction if it is appropriate for them.

102 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Pros and Cons of Claiming a Home Office Deduction

  • Tax Savings - Federal and State
  • How Employment Status Impacts the Deduction
  • Recordkeeping Requirements
  • Future Sale of Your Home

Requirements of a Deductible Home Office

  • Type of Work
  • Physical Description of Office
  • Exclusivity
  • Meeting With Clients/Customers
  • Exceptions for Daycare Service
  • Storage

Types of Expenses You Can Deduct

  • Direct vs. Indirect Expenses
  • Cost of the Home
  • Cost of Operating the Home
  • Cost of the Office Space

Regular vs. Simplified Method

  • Rules for Using Simplified Method
  • Limitations on Deductions
  • Carryover of Unused Deductions
  • Switching Methods

Case Studies and Other Considerations

  • Creating an Accountable Plan
  • Treating the Deduction as Rent
  • Remote Workers
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on June 28, 2022.

Call 1-866-352-9540 for further credit information.

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Gail Perry

Gail Perry

Gail Perry, CPA

  • Editor-in-Chief CPA Practice Advisor magazine and website
  • Author of 34 books, including TurboTax for Dummies and The Complete Idiot’s Guide to Doing Your Income Taxes
  • Principal, tax practice in Indianapolis, IN
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 409373
Published 2022
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