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Study Guide - Home Office Deduction

The study guide is provided to guide you through the course material in a step by step format.

Course material is an online PDF document available immediately upon purchase.

Prerequisite: None

Course level: Basic

Advanced preparation: None

Teaching method: Online study and exam

Chapter 1 – Qualifying for a Home Office Deduction

The objective of this chapter is to be able to:

  • Recognize the general requirement for exclusive use applicable to home-office deduction and the exceptions to the requirement;
  • List the requirements that apply to a taxpayer’s qualifying for a home-office deduction for purposes of storage of product samples or inventory;
  • Identify the conditions a taxpayer must meet in order to qualify for the exception to the exclusive use rule when operating a daycare facility;
  • Recognize the factors that must be considered to determine if a taxpayer’s home is the principal place of business for purposes of the home-office deduction; and
  • List the exceptions to the requirement that a home office must be the taxpayer’s principal place of business in order to qualify for a home-office deduction.

Chapter 2 – Figuring the Home Office Deduction

The objective of this chapter is to be able to:

  • Distinguish between the actual expense method and simplified method of figuring the home-office deduction;
  • List the expenses normally deductible by taxpayers using a home for business purposes who use the actual expense method;
  • Recognize the limits applicable to a home-office deduction; and
  • Calculate the home-office deduction for daycare facilities

Chapter 3 – Deducting & Recordkeeping

The objective of this chapter is to be able to:

  • Identify where expenses of a home office are deducted; and
  • Recognize the recordkeeping requirements applicable to taxpayers taking a home-office deduction.

Study Guide - Federal Income Tax Changes

The study guide is provided to guide you through the course material in a step by step format.

Course material is an online PDF document available immediately upon purchase.

Prerequisite: None

Course level: Basic

Advanced preparation: None

Teaching method: Online study and exam

Chapter 1 – Changes in Various Limits

The objective of this chapter is to review how to:

  • Calculate the standard mileage deductions for –
    • Business use of a personal vehicle,
    • Use of a personal vehicle to obtain medical care,
    • Charitable use of a personal vehicle, and
    • Use of a personal vehicle to relocate a personal residence in connection with a new job;
  • Identify the 2015 standard deduction and exemption amounts available to taxpayers;
  • Recognize the changes made to the alternative minimum tax exemption amount for 2015;
  • Apply the tax-free United States savings bond income limits for taxpayers who paid qualified higher education expenses in 2015; and
  • Calculate the tax-deductible premiums for and tax-free benefits received under qualified long-term care insurance contracts.

Chapter 2 – Tax Credit Changes

The objective of this chapter is to review how to:

  • Calculate the retirement savings contribution credit available to eligible taxpayers; 
  • Recognize the rules and income limits applicable to eligibility for the earned income credit; and
  • Apply the adoption credit rules.

Chapter 3 –PPACA-Related Tax Changes

The objective of this chapter is to review how to identify the changes made by the PPACA effective in 2015 related to the –

  • Health flexible spending arrangement contribution limits;
  • Penalty for individuals who fail to comply with the PPACA mandate to maintain minimum essential coverage in 2015;
  • Small business health care tax credit;
  • Large employer shared responsibility provision; and
  • Large employer reporting and notification requirements.

Chapter 4 – Changes in Archer MSAs, HSAs & IRAs

The objective of this chapter is to review how to:

  • Recognize the eligibility rules applicable to Archer MSAs and HSAs;
  • Calculate the maximum contributions that may be made to an Archer MSA;
  • Apply the tax treatment rules to contributions to and distributions from Archer MSAs and HSAs;
  • Calculate the traditional IRA tax deduction available to a taxpayer who is an active participant in an employer-sponsored retirement plan; and
  • Recognize the AGI limits that apply to a taxpayer’s eligibility to make a Roth IRA contribution.

Study Guide - Healthcare Reform - Affordable Care Tax Act Provisions

The study guide is provided to guide you through the course material in a step by step format.

Course material is an online PDF document available immediately upon purchase.

Prerequisite: None

Course level: Basic

Advanced preparation: None

Teaching method: Online study and exam

Chapter 1 – Overview of PPACA Provisions

The objective of this chapter is to review how to:

  • Identify the rules applicable to –
    • grandfathered health plans,
    • the use of pre-existing condition exclusions, and
    • annual and lifetime benefit limits;
  • List the conditions that would permit an insurer to rescind health insurance coverage and the applicable notice requirements; and
  • Recognize the requirements imposed by healthcare reform legislation with respect to –
    • patient protection provisions,
    • the individual’s requirement to maintain minimum essential coverage, and
    • dependent coverage to young adults.

Chapter 2 – Personal Tax Changes

The objective of this chapter is to review how to:

  • Identify the changes made by the PPACA related to –
    • the treatment of costs for over-the-counter drugs and medical expense FSA contributions,
    • the tax penalty for nonqualified Archer MSA and HSA distributions,
    • medical expense deductions applicable to years after 2012,
    • the additional taxation on the earnings of high-income taxpayers,
    • the additional tax on high-income taxpayers’ net investment income, and
    • the additional tax on estate’s and non-grantor trust’s undistributed net
    • investment income;
  • Recognize the tax penalties generally applicable to individuals who fail to maintain minimum essential coverage; and
  • Calculate the amount of the premium assistance tax credit available to taxpayers whose household income is less than 400% of the federal poverty line.

Chapter 3 – Employer Tax Changes

The objective of this chapter is to review how to:

  • Identify the –
    • W-2 reporting requirements imposed on employers providing employer-sponsored health coverage, and
    • transition relief provided applicable to W-2 reporting;
  • Define “full-time employee” and “full-time equivalent employee” for purposes of employer tax credits and penalties under the PPACA;
  • Recognize the –
    • rules that apply to a small employer’s eligibility for a health insurance premium credit, and
    • nature of a “qualifying arrangement” under which an employer pays premiums for employee health insurance coverage;
  • Identify the types of coverage that meet the PPACA definition of health insurance coverage for purposes of the small employer health insurance premium credit;
  • Apply the various limitations that may reduce the amount of health insurance premium credit available to an otherwise eligible small employer;
  • Calculate the potential penalties applicable to large employers under the PPACA; and
  • Identify the –
    • transition relief available to applicable large employers, and
    • annual return and notification requirements imposed by the PPACA onapplicable large employers.

CPA Information

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