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
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.
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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.
Introduction
Introduction
Documents to Download for Reference
PDF – 205 What’s New & Reminders
205 What’s New & Reminders
PDF – 208 Introduction
208 Introduction
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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
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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
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Daycare Facility
PDF – 241 Using the Simplified Method
241 Using the Simplified Method
PDF – 244 Simplified Amount & Examples
244 Simplified Amount & Examples
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Using the Simplified Method
PDF – 247 Daycare Facility
247 Daycare Facility
PDF – 251 Meals Daycare Facility
251 Meals Daycare Facility
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Sale or Exchange of Your Home
PDF – 254 Sale or Exchange of Your Home
254 Sale or Exchange of Your Home
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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
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Recordkeeping
PDF – 267 Recordkeeping
267 Recordkeeping
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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
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