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The Home Office Deduction and Potential Pitfalls

Gain a better understanding of the benefits and potential pitfalls of the home office deduction.

While the home office deduction is one of the most common deductions that tax professionals take for their clients, it is not without its pitfalls and drawbacks. This topic helps tax professionals navigate the maze of the home office deduction and the potential pitfalls of taking the deduction. After this topic, you will be able to recognize whether your client qualifies for the deduction under the "regular and exclusive use" test, compare and contrast the Simplified Option to the Regular Method, the requirements to claim the deduction, and recognize the potential pitfalls, by analyzing Tax Court Cases, discussion of depreciation carryback, and other complications of taking this deduction. If you have clients that run a home based business, or even clients that work for an employer and work out of their home at the convenience of their employer, you will not want to miss this information.

Runtime: 57 minutes
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Why Lorman?

Over 32 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

What Is the Home Office Deduction?

  • Requirements to Claim the Deduction
  • What Can Be Deducted?
  • What's the Big Deal?

Calculating the Home Office Deduction

  • Simplified Option
  • Regular Method
  • Comparison of Methods

Potential Pitfalls

  • "Regular and Exclusive Use"
  • Depreciation Carryback
  • Complications
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Why Lorman?

Over 32 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 Webinar

This course was last revised on November 30, 2016.

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

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

Audio & Reference Manual

  • CAC 0.5
     

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

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Why Lorman?

Over 32 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

Craig W. Smalley, MST, EA

Craig W. Smalley, MST, EA

CWSEAPA®, PLLC

  • CEO and co-founder of CWSEAPA®, PLLC, and Tax Crisis Center®, LLC; both businesses have locations in Florida, Delaware, and Nevada; has been in practice for almost 23 years
  • Well versed in U.S. Tax Law, and U.S. Tax Court Cases. He specializes in taxation, entity structuring and restructuring, corporations, partnerships and individual taxation, as well as representation before the IRS regarding negotiations, audits and appeals
  • In his many years of practice, he has been exposed to a variety of businesses and has an excellent knowledge of most industries
  • Current Google® Small Business Accounting Advisor for the Google® Small Business Community and is a contributor to AccountingWEB and Accounting Today, and has had twelve books published on various topics in taxation
  • His articles have also been featured in the Chicago Tribune, New York Times, Yahoo Finance, Nasdaq, and several other newspapers, periodicals, and magazines
  • Has been interviewed and been a featured guest on many radio shows and podcasts and is also the co-host of Tax Avoidance is Legal, which is a nationally broadcast weekly internet radio show
  • Has been admitted to practice before the Internal Revenue Service as an Enrolled Agent
  • Master's degree in Taxation, UCLA
  • Can be contacted at 844-CWSEAPA (844-297-3272), [email protected], www.cwseapa.com or on Twitter® @cwseapa
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Product ID: 399108
Published 2016
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