Income Tax-Business Use of Home Deduction

Income Tax-Business Use of Home Deduction

Income Tax-Business Use of Home Deduction

Income tax deduction for the business use of your home with demonstrations using tax forms and running tax scenarios

Language: english

Note: 4.7/5 (22 notes) 10,318 students

Instructor(s): Robert (Bob) Steele

Last update: 2019-03-12

What you’ll learn

  • Tax benefits of the business use of your home deduction
  • How to Qualify for the business use of your home deduction
  • How to calculate the business use of your home deduction
  • Rules for a daycare facility
  • How and when to use the simplified method to calculate the business use of your home deduction
  • Best practices for recordkeeping related to the business use of your home deduction

 

Requirements

  • Some understanding of US income tax law

 

Description

Business use of your home deduction including practical examples with actual tax forms that allow colleagues to see the concepts in practice and fully comprehend the law and how best to apply it in different situations, circumstances, and scenarios.

The course will discuss qualifications for the business use of the home deduction providing examples where applicable.

We will show how to figure, or calculate, the business use of the home deduction using actual expenses. We will provide demonstrations using tax forms and run scenarios using tax software to demonstrate the calculations.

The course will explain rules specific to a daycare facility and run scenarios related to a daycare facility.

We will demonstrate how to use the simplified method to calculate the business use of your home deduction, provide examples of the simplified method, and compare and contrast the simplified method to the actual expenses method.

The course will also discuss how the business use of your home deduction could affect the sale or exchange of your home and deductions for business furniture and equipment.

We will provide guidance related to recordkeeping practices for the business use of your home deduction.

 

Who this course is for

  • Anybody who wants to save on taxes
  • Tax professionals

 

Course content

  • Introduction
    • Introduction
    • Documents to Download for Reference
    • PDF – 205 What’s New & Reminders
    • 205 What’s New & Reminders
    • PDF – 208 Introduction
    • 208 Introduction
    • Accounting Comic Break
  • Qualifying for the Deduction
    • PDF – 211 Qualifying for a Deduction
    • 211 Qualifying for a Deduction
    • PDF – 214 Principal Place Of Business
    • 214 Principal Place Of Business
    • PDF – 217 More Than One Trade or Business
    • 217 More Than One Trade or Business
    • PDF – 221 Place To Meet Patients, Clients, or Customers
    • 221 Place To Meet Patients, Clients, or Customers
    • Accounting Comic Break
  • Figuring the Deduction
    • PDF – 224 Figuring the Deduction
    • 224 Figuring the Deduction
    • PDF – 227 Insurance, Repairs, Security, Utilities, Telephone
    • 227 Insurance, Repairs, Security, Utilities, Telephone
    • PDF – 231 Depreciating Your Home
    • 231 Depreciating Your Home
    • PDF – 232 Depreciating Your Home Example
    • 232 Depreciating Your Home Example
    • PDF – 234 Business Percentage
    • 234 Business Percentage
    • PDF – 237 Deduction Limit
    • 237 Deduction Limit
    • Accounting Comic Break
  • Daycare Facility
    • PDF – 241 Using the Simplified Method
    • 241 Using the Simplified Method
    • PDF – 244 Simplified Amount & Examples
    • 244 Simplified Amount & Examples
    • Accounting Comic Break
  • Using the Simplified Method
    • PDF – 247 Daycare Facility
    • 247 Daycare Facility
    • PDF – 251 Meals Daycare Facility
    • 251 Meals Daycare Facility
    • Accounting Comic Break
  • Sale or Exchange of Your Home
    • PDF – 254 Sale or Exchange of Your Home
    • 254 Sale or Exchange of Your Home
    • Accounting Comic Break
  • Business Furniture and Equipment
    • PDF – 257 Business Furniture and Equipment
    • 257 Business Furniture and Equipment
    • PDF – 261 Property Bought for Business Use
    • 261 Property Bought for Business Use
    • Accounting Comic Break
  • Recordkeeping
    • PDF – 267 Recordkeeping
    • 267 Recordkeeping
    • Accounting Comic Break
  • Where to Deduct
    • PDF – 271 Where To Deduct
    • 271 Where To Deduct
    • PDF – 274 Business Expenses for Use of Your Home
    • 274 Business Expenses for Use of Your Home
    • Accounting Comic Break

 

Income Tax-Business Use of Home DeductionIncome Tax-Business Use of Home Deduction

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