Tax

4.36

Tax Aspects of Home-Based Businesses

Credits Available
Credit Status Total
Alaska CLE Approved 1.5 Total
Arkansas CLE Approved 1.5 Total
Arizona CLE Approved 1.5 Total
California CLE Approved 1.5 Total
Colorado CLE Approved 2 Total
Connecticut CLE Approved 1.5 Total
Delaware CLE Approved 1.5 Total
Florida CLE Approved 2 Total
Hawaii CLE Approved 1.5 Total
Idaho CLE Upon Request 1.5 Total
Illinois CLE Approved 1.5 Total
Kansas CLE Upon Request 1.5 Total
Maine CLE Approved 1.5 Total
Minnesota CLE Approved 1.5 Total
Missouri CLE Approved 1.8 Total
Northern Mariana Islands CLE Approved 1.5 Total
Montana CLE Approved 1.5 Total
North Dakota CLE Upon Request 1.5 Total
Nebraska CLE Approved 1.5 Total
New Hampshire CLE Approved 1.5 Total
New Mexico CLE Approved 1.5 Total
Nevada CLE Approved 1.5 Total
New York CLE Approved 1.5 Total
Ohio CLE Approved 1.5 Total
Oklahoma CLE Approved 2 Total
Oregon CLE Upon Request 1.5 Total
Pennsylvania CLE Approved 1.5 Total
Rhode Island CLE Upon Request 1.5 Total
Vermont CLE Approved 1.5 Total
Wisconsin CLE Approved 1.5 Total
West Virginia CLE Approved 1.8 Total
Wyoming CLE Upon Request 1.5 Total
OnDemand
1 hours 27 minutes
Andrew Wyman
With Andrew J. Wyman from Wyman Law Firm, PS
Recorded September 19, 2024
Product ID 99053

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Overview

Maximize Tax Benefits and Prevent Mistakes

With the rise of the gig economy and remote work, an increasing number of professionals are operating home-based businesses. This legal course provides the information you'll need to help them address the unique tax compliance obligations and to take advantage of the unique tax breaks available. Whether you advise small business clients or are considering starting your own home-based practice, this course is for you. Register today!

  • Unlock significant tax savings for eligible home-based business owners with the home office deduction.
  • Get an overview of self-employment, income, and other business taxes affecting entrepreneurs working from home.
  • Help small business clients maximize deductions, minimize tax liabilities, and take advantage of tax benefits.
  • Identify and prevent mistakes like commingled assets, failure to pay quarterly, improper zoning, and more.

Abbreviated Agenda

  1. Tax and Legal Rules Governing Home-Based Businesses
  2. Home Office Deduction
    1. Qualifying for the Deduction: Exclusive Use Test, Principal Place of Business Test
    2. Calculating the Deduction: Direct and Indirect Expenses, Simplified vs. Regular Method
    3. Limits Based on Income, Treatment of Home Mortgage Interest and Real Estate Taxes, and Other Special Rules
  3. Self-Employment and Other Business Taxes
  4. Recordkeeping and Accounting Rules, Tips, and Best Practices
  5. TCJA's Tax Reform for Small Business Initiative: What You Need to Know
  6. Top Pitfalls: Commingling Personal and Business Funds, Failure to Pay Estimated Taxes, Improper Zoning, and More

Related Topics

Product ID 99053

Credit Details

Credits Available
Credit Status Total
Alaska CLE Approved 1.5 Total
Arkansas CLE Approved 1.5 Total
Arizona CLE Approved 1.5 Total
California CLE Approved 1.5 Total
Colorado CLE Approved 2 Total
Connecticut CLE Approved 1.5 Total
Delaware CLE Approved 1.5 Total
Florida CLE Approved 2 Total
Hawaii CLE Approved 1.5 Total
Idaho CLE Upon Request 1.5 Total
Illinois CLE Approved 1.5 Total
Kansas CLE Upon Request 1.5 Total
Maine CLE Approved 1.5 Total
Minnesota CLE Approved 1.5 Total
Missouri CLE Approved 1.8 Total
Northern Mariana Islands CLE Approved 1.5 Total
Montana CLE Approved 1.5 Total
North Dakota CLE Upon Request 1.5 Total
Nebraska CLE Approved 1.5 Total
New Hampshire CLE Approved 1.5 Total
New Mexico CLE Approved 1.5 Total
Nevada CLE Approved 1.5 Total
New York CLE Approved 1.5 Total
Ohio CLE Approved 1.5 Total
Oklahoma CLE Approved 2 Total
Oregon CLE Upon Request 1.5 Total
Pennsylvania CLE Approved 1.5 Total
Rhode Island CLE Upon Request 1.5 Total
Vermont CLE Approved 1.5 Total
Wisconsin CLE Approved 1.5 Total
West Virginia CLE Approved 1.8 Total
Wyoming CLE Upon Request 1.5 Total
Select Jurisdiction
CLE

Agenda

All times are shown in

  1. Tax Aspects of Home-Based Businesses

    1. Tax and Legal Rules Governing Home-Based Businesses
    2. Home Office Deduction
      1. Qualifying for the Deduction: Exclusive Use Test, Principal Place of Business Test
      2. Calculating the Deduction: Direct and Indirect Expenses, Simplified vs. Regular Method
      3. Limits Based on Income, Treatment of Home Mortgage Interest and Real Estate Taxes, and Other Special Rules
    3. Self-Employment and Other Business Taxes
    4. Recordkeeping and Accounting Rules, Tips, and Best Practices
    5. TCJA's Tax Reform for Small Business Initiative: What You Need to Know
    6. Top Pitfalls: Commingling Personal and Business Funds, Failure to Pay Estimated Taxes, Improper Zoning, and More

Who Should Attend

This legal course is designed for attorneys. It will also benefit accountants, tax professionals, and consultants who advise clients operating home-based businesses or who are considering starting their own home-based ventures.

Speakers

Andrew J Wyman
Andrew J.
Wyman
Wyman Law Firm, PS
Speaker bio
Andrew J Wyman

Andrew J. Wyman

Wyman Law Firm, PS
Andrew Wyman

is a sole practitioner in Bellevue, Washington in the area of civil tax controversy. He handles federal tax matters, administratively and through tax litigation, primarily for individuals, limited liability companies, and corporations. Key areas include IRS collection and examination, payroll tax disputes, the trust-fund recovery penalty, duplicate income reporting, taxation of real estate sales, and offers in compromise. Mr. Wyman is admitted to the New York and the Washington State bar associations. He received his J.D. degree from Gonzaga Law School and his LL.M. degree in taxation from Georgetown University Law Center. He also is admitted to practice in front of the U.S. Tax Court and the U.S. District Court (Western District of Washington).

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