Self-Study Course Details
Course Description

Each year the U.S. Census Bureau publishes what it refers to as nonemployer statistics that may provide information about the increased importance of the business use of taxpayers’ homes. A “nonemployer,” for purposes of the statistics, is defined as a business that has no paid employees, has annual business receipts of at least $1,000 and is subject to federal income taxes. These nonemployers may be organized as corporations, partnerships or sole proprietorships. Because they have no paid employees, nonemployers are more likely than others to operate their businesses from their homes and seek a home office tax deduction.

This course will examine the federal income tax deduction for business use of a home and will discuss:

  • Qualifying for a home office tax deduction;
  • Determining a taxpayer’s home office deduction using the actual expense and simplified methods;
  • The special home-office deduction rules that apply to daycare facilities;
  • The taxpayer’s home-office deduction record keeping requirements; and
  • Where to take the deduction and the forms a tax preparer must use in connection with it.
Learning Objectives
  • Identify the home-office deduction qualification rules
  • Identify the types of home office use to which the exclusive use requirement does not apply and the various types of taxpayer expenses that may be used to support a deduction for business use of a home
  • Identify the rules applicable to the simplified method of figuring the home-office deduction
  • Identify the tax forms on which a home-office deduction should be taken
  • Recognize the recordkeeping requirements applicable to documents supporting a taxpayer’s home-office deduction
Advanced Preparation

None

Author Details
  • Paul Winn
    Paul Winn

    Paul J. Winn CLU ChFc is a financial writer, editor and trainer in the insurance industry. Past positions have included product developer, compensation officer, marketing VP, VP of strategic planning as well as being President of Maryland Financial Corporation. Mr. Winn has served on multiple Insurance Industry Boards including Baltimore Chapter of CLU and ChFC and Member/Secretary, Advisory Board to New York State Insurance Department. He is well known as a writer and editor of major mutual life insurance company’s agent-training ”university” and has created more than 100 training/continuing education courses. He is also a published book author.

NASBA Sponsor
  • National Registry of CPE Sponsors for the QAS self-study delivery method
    Encoursa is registered with the National Association of State Boards of Accountancy (NASBA) as a 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 website: NASBAregistry.org.

$40.00

CPE
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    Self-Study: CPE certificates will be accessible through your dashboard immediately after passing the qualified assessment.

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  • Multiple Attendees on Webinars: Each attendee should register separately for the webinar. If more than 1 attendee participated from the same device, please contact us after the event to let us know. For group signups for paid events, please contact us.

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