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Surgent's Home Office Rules

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Online, ON 00000

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2.0 Credits

Member Price $99.00

Non-Member Price $129.00

Overview

Since 2017, employees have not been eligible to take an itemized deduction for a home office. The Tax Cuts and Jobs Act suspended all miscellaneous itemized deductions for tax years 2018 through 2025. That deduction is scheduled to go into effect in 2026. Self-employed individuals can deduct office expenses on Schedule C, Form 1040. The home office deduction includes typical office-connected expenditures such as supplies, postage, computers, printers, and all the other ordinary and necessary expenses a person would have in connection with running a home office.

The home office tax deduction for the self-employed would cover expenses for the business use of a home, which includes mortgage interest, rent, insurance, utilities, repairs, and depreciation. This program discusses many of the most important issues relating to the deductibility of home office-related expenses.

Highlights

  • Calculating the home office deduction
  • Actual expense method
  • Simplified expense method
  • Definition of a home for purposes of the home office deduction
  • Whether working-from-home employees can claim a home office deduction
  • What is a “separate, identifiable space?”
  • The “regularly and exclusively used” rule
  • Defining a “principal place of business”
  • Meeting clients, patients, and customers
  • More than one trade or business
  • Special rules that apply to daycare providers
  • Separate, free-standing structures
  • Depreciating the home

Prerequisites

None

Designed For

Accounting and finance professionals who need to know about the deductibility of home office-related expenses.

Objectives

  • Understand the rules relating to taxpayers who are entitled to deduct expenses associated with a home office

Preparation

None

Non-Member Price $129.00

Member Price $99.00