Home Office Tax Deduction Maximizing Your Business Use of Home

Every year, the U.S. Census Bureau releases statistics on non employer businesses. These statistics highlight the importance of home office tax deductions. A “non employer” is a business with no paid employees, annual receipts of at least $1,000, and is subject to federal income taxes. These businesses often operate from home and seek tax deductions for home office use.

The number of non employer businesses has grown from 19.5 million in 2004 to 26.5 million in 2018. Their receipts increased from $887 billion to $1.3 trillion in the same period. Therefore, the chance of tax preparers handling home office deductions is significant and growing.

Key Topics Covered in Home Office Tax Deduction

This course will explore the federal income tax deduction for the business use of a home. We will cover:

• Qualifying for the home office deduction
• Determining the deduction using actual expenses and simplified methods
• Special deduction rules for daycare facilities
• Recordkeeping requirements for the home office deduction
• Forms needed for claiming the deduction

Learning Objectives: Mastering Home Office Tax Deduction

Upon completing this course, you should be able to:

• Apply the qualification rules for the home office deduction
• Identify the types of home office use that do not require exclusive use
• Describe expenses that may support a deduction for business use of a home
• Use the simplified method for calculating the home office deduction
• Identify the tax forms for claiming the home office deduction
• Recognize the recordkeeping requirements for supporting documents

Ideal Audience for This Course

This course is ideal for tax professionals, including CPAs, tax preparers, and financial advisors. It is also beneficial for small business owners and self-employed individuals who use their home for business purposes. Enroll now to learn how to maximize your tax benefits for the business use of your home.