Maximizing Home Office Deduction

Learn valuable insights and strategies from industry experts.

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  • Industry Best Practices
  • Practical Implementation
  • Real-world Scenarios
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Date
22 March, 2023 (Wednesday)
Time
12:00 PM PDT | 03:00 PM EDT
Duration
60 Minutes Minutes

Overview

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.

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

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

Who Will Benefit?

  • Office managers
  • HR professionals
  • Bookkeepers
  • Accountants
  • Business owners
  • Financial planner
  • Tax professionals

Speaker

Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on accounting and bookkeeping services, tax preparation and business advising to individuals with a business focus ranging from home-based businesses to multistate corporations and not-for-profits. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of multiple 1099 seminars. Dinesen majored in corporate communications with a minor in management from Simpson College

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