Maximizing Home Office Deduction

Duration:
60 Minutes  
Instructor
Jason T. Dinesen

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.

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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.

Why you should Attend

  • To recognize what the home office deduction is
  • To identify ways for how to qualify for a deduction
  • To identify where and how to report
  • To identify how day-care’s handle the deduction

Areas Covered in the Session

  • 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

Speaker Profile

Jason T. Dinesen , LPA, EA is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on tax and accounting services for small businesses and individuals. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of educational seminars. Dinesen majored in corporate communications with a minor in management from Simpson College. He started his practice in 2009 and became a public accounting firm in 2013. Jason has been presenting on various tax topics since 2012, and now gives webinars almost daily.
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