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Maximizing Home Office Deduction
16 February 2023 |1:00 pm - 2:00 pm EST
199
Home office expenses might be one of the most feared business deductions due to concern over disallowance by the IRS. Thus, many taxpayers entitled to the deduction don’t claim it. If you use part of your home exclusively and regularly for conducting business, you may be able to deduct expenses such as mortgage interest, insurance, utilities, repairs, and depreciation for that area. You need to figure out the percentage of your home devoted to your business activities, utilities, repairs, and depreciation.
WHY SHOULD YOU ATTEND?
- To recognize what the home office deduction is
- To identify ways how to qualify for a deduction
- To identify where and how to report
- To identify how daycares handle the deduction
AREA COVERED
- The tests for qualifying for a deduction
- Handling separate structures
- The two methods to calculate the deduction
- Special rules for daycares
- Dealing with sales of the office property, including using the Section 121 exclusion
- Business limits
- Red flags
WHO WILL BENEFIT?
- Office managers
- HR professionals
- Bookkeepers
- Accountants
- Business owners
- Financial planner
- Tax professionals
