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.
Who should attend?
- 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 MethodsPotential Pitfalls
- "Regular and Exclusive Use"
- Depreciation Carryback
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