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BusinessBusiness LawTax Preparation

Income Tax-Business Use of Home Deduction

Income tax deduction for the business use of your home with demonstrations using tax forms and running tax scenarios
Rating: 4.5 out of 54.5 (16 ratings)
6,448 students
Created by Robert (Bob) Steele
Last updated 3/2019
English
English [Auto]

What you'll learn

  • Tax benefits of the business use of your home deduction
  • How to Qualify for the business use of your home deduction
  • How to calculate the business use of your home deduction
  • Rules for a daycare facility
  • How and when to use the simplified method to calculate the business use of your home deduction
  • Best practices for recordkeeping related to the business use of your home deduction

Requirements

  • Some understanding of US income tax law

Description

Business use of your home deduction including practical examples with actual tax forms that allow colleagues to see the concepts in practice and fully comprehend the law and how best to apply it in different situations, circumstances, and scenarios.

The course will discuss qualifications for the business use of the home deduction providing examples where applicable.

We will show how to figure, or calculate, the business use of the home deduction using actual expenses. We will provide demonstrations using tax forms and run scenarios using tax software to demonstrate the calculations.

The course will explain rules specific to a daycare facility and run scenarios related to a daycare facility.

We will demonstrate how to use the simplified method to calculate the business use of your home deduction, provide examples of the simplified method, and compare and contrast the simplified method to the actual expenses method.

The course will also discuss how the business use of your home deduction could affect the sale or exchange of your home and deductions for business furniture and equipment.

We will provide guidance related to recordkeeping practices for the business use of your home deduction.

Who this course is for:

  • Anybody who wants to save on taxes
  • Tax professionals

Instructor

Robert (Bob) Steele
CPA, CGMA, M.S. Tax, CPI
Robert (Bob) Steele
  • 4.4 Instructor Rating
  • 30,497 Reviews
  • 602,771 Students
  • 127 Courses

Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.    

Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).    

Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.    

In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.   

Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.    

Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.   

Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.    

Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.   

The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.    

Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge like Udemy.

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