- Credits: 2
- Format: Self-Study eBook
- Field of Study: Federal Tax Law
- Author/Speaker: Danny Santucci, CPA
|Course ID:||Advanced Preparation:||Experience Level:|
|EWTFM-T-01729-21-S | 6233-CE-0455||None||Overview|
|Published Date:||Program Prerequisites:||Other Course Formats:|
|© February 2021||General understanding of Federal Income Taxation||Self-Study eBook|
Business expenses are the costs of carrying on a trade or business, and they are usually deductible if the business is operated to make a profit. This mini-course reviews various expenses that businesses may deduct and the requirements that must be met for those expenses to qualify for a deduction. Furthermore, practitioners can use this as a guide to determine which of their clients’ taxes are deductible as business expenses
- Section 162
- Expenses of not-for-profit activities
- Rent expenses
- Interest expense
- Deductible taxes
- Other selected deductible costs
- Business bad debts
After reading the course material, you will be able to:
- Cite the elements of §162 and the limitations imposed by the not-for-profit provisions noting how these elements and restrictions impact business deductions such as cost of goods sold, leases, taxes, loan points, and interest expense.
- Determine the corporate dividends-received deduction, identify the cost allocation on the business use of a residence and specify casual-ties, thefts, and research costs in the context of business deductions under §162.
- Recognize methods of amortization for business startup, organizational costs, and §179 intangibles with the cost depletion methods used on natural resources.
- Identify depreciation rules related to ACRS and MACRS, and cite the elements of the business bad debt provisions under §166.
Who Should Attend:
- All Certified Public Accountants (CPAs)
- Enrolled Agents (EAs)
- Tax Return Preparers (TRPs)