Home Business Deductions
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This course discusses how home business owners can reduce taxes by taking advantage of the array
of deductions available to them. Covering topics from what qualifies as a home business, recordkeeping
and accounting, to start up and operating expenses, as well as more advanced deductions such as long-term
assets, medical expenses, and retirement plans - this course looks at home business tax issues
from all angles. |
Course Info:
- Course #: 3300B
- Delivery: Self-Study
- CPE Hours: 16
- Course Level: Basic
- Prerequisites: None
- Advanced Preparation: None
- IRS Category: Federal Tax Law
- Total Pages: 375
- Questions: 80
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EA Program Approval Number: XE26W-T-00315-22-S
View more courses approved for EAs |
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Course Objectives
- To identify the most popular entity choice for home businesses
- To recognize how the IRS determines whether a venture is truly a business or a hobby
- To recognize how the IRS treats start-up expenses for businesses
- To recall the difference between current and capital expenses
- To recall the limits of the de minimis safe harbor rule
- To recall the requirements of the home office deduction
- To recall the maximum qualified business income deduction available to qualifying
taxpayers
- To identify the actual car expenses that can be deducted when using the standard mileage
rate
- To recall the required characteristics of acceptable business travel for tax purposes
- To recall the characteristics of inventory and the various methods for valuing it
- To identify the differences between employees and independent contractors
- To recall various requirements of the Affordable Care Act
- To recall the characteristics of various retirement accounts
- To identify the requirements of various available home business deductions
- To recall the most common reason taxpayers lose deductions when they get audited by
the IRS
- To recognize the number of hours required in order to satisfy the material participation
requirement for a qualified joint venture
- To recall the income-to-deduction ratio that will cause a return to be tagged for audit
Table of Contents
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