2023 - Maximizing Home Office Deduction

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