Home Business Tax Deductions

Exam Questions: 80
Course Level: Basic
Pages: 376 | Content: 356, Supplemental: 20
NASBA Area of Study: Taxes
Not Acceptable for: N/A
Version: 7985B

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. All course material provided. No prerequisites. Course level: Basic.

EA Program Approval Number: ZX34G-T-00506-22-S

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Course Information

Table of Contents
  • Some Tax Basics
  • Is Your Home Business Really a Business?
  • Getting Your Business Up and Running
  • Home Business Operating Expenses
  • Deducting Long-Term Assets
  • The Home Office Deduction
  • The Pass-Through Tax Deduction
  • Getting Around Town: Car and Local Travel Expenses
  • Leaving Town: Business Travel
  • Inventory
  • Hiring Help: Employees and Independent Contractors
  • What if You Get Sick? Deducting Medical Expenses
  • Deductions That Can Help You Retire
  • More Home Business Deductions
  • Using Cryptocurrency in Your Business
  • Recordkeeping and Accounting
  • Businesses Owned by Spouses
  • Eight Tips to Avoiding an IRS Audit
  • 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 identify which crypto transactions are taxable
  • 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

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