Selected Business Expenses 2021

  • 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
COURSE DESCRIPTION

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

Topics include:
  • Section 162
  • Expenses of not-for-profit activities
  • Rent expenses
  • Interest expense
  • Deductible taxes
  • Other selected deductible costs
  • Amortization
  • Depletion-§613
  • Business bad debts
  • Depreciation

Learning Objectives:

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)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s:
NASBA
IRS
CTEC