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.
Learning Objectives
- You will be able to recognize the pros and cons of claiming a home office deduction.
- You will be able to identify the requirements of a deductible home office.
- You will be able to identify the types of expenses you can deduct.
- You will be able to differentiate between the regular and simplified methods of deduction.
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Why Lorman?
Over 38 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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Credit
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Why Lorman?
Over 38 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 reviewed on February 18, 2025.
Call 1-866-352-9540 for further credit information.
CPE/NASBA - QAS Self Study 2.6 including Taxes 2.6
- Noggin Guru, Inc. dba Lorman Education Services and BankersHub is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.6 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.6 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
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Why Lorman?
Over 38 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, 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 38 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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