1040 Workshop: Sec. 2: Expenses, Deductions and Accounting (7 hrs)

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Course Description

1040 Workshop Sec. 2

This is Section 2 of the 1040 Workshop. The complete 4-part course is designed to make the practitioner comfortable with “high traffic” issues, enabling participants to discuss and handle individual 1040 tax essentials. The course examines and explains practical aspects of return preparation and individual planning, bridging the gap between theory and application. Significant new developments are summarized with an emphasis on tax savings ideas. Practical applications and illustrations are used to systematically explore tax deferral, reduction, and elimination opportunities accompanying return preparation. For example, the analysis of gross income is discussed together with income splitting techniques; property transactions are examined alongside like-kind exchanges and involuntary conversions. The result is an extraordinary blend of the latest developments affecting individual returns and their related planning ideas.

Section 2: Expenses, Deductions, and Accounting covers the following topics, and more:

* Landlord’s rental expenses
* Health insurance costs
* Home office deduction
* Travel and entertainment expenses
* Employee expense reimbursement and reporting
* Automobile deductions
* Fringe benefits
* Methods of accounting
* Expensing and depreciation
* Amortization

This course is accepted by the IRS as CE credit for enrolled agents.

Course Information

Price: $68
This course is included in our Mega CPE Special and our Unlimited Tax Bundle

Course No. 9012-2
Instructional Delivery Method: QAS Self-Study
Format: Online pdf (153 pages). Printed book available.
Prerequisites: General understanding of federal income taxation
Advance Preparation:None
Level: Overview
CPE Credit: 7 hrs.
Field of Study: Taxes: Technical
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: January 2024


Expenses, Deductions, and Accounting

Learning Objectives

  1. Recognize the tax treatment of rental property expenses specifying their impact on landlords and tenants taking into consideration the tax differences given to rent, insurance, tax preparation fees, property taxes, and purchased leases.
  2. Identify the application of the hobby loss rules to a business, determine deductible expenses, recognize the requirements of the home-office deduction, and specify self-employment taxes.
  3. Determine how to properly deduct travel by identifying deductible domestic and foreign business travel expenses, a taxpayer’s tax home, if any, and work locations; specify the “away from home” and convention rules; and define the adequate substantiation methods.
  4. Differentiate accountable and nonaccountable plans including the requirements for an accountable plan particularly adequate accounting using per diem rates for non-related employees.
  5. Determine what constitutes local personal commuting and deductible travel to temporary work sites.
  6. Identify the apportionment of automobile expenses between personal and business use, the actual cost and standard mileage methods, depreciation, expensing, and the gas guzzler tax.
  7. Specify the various types of excluded fringe benefits that can increase employers’ deductions and incentive-based compensation of employees listing examples of each.
  8. Recognize the cash, accrual, and other methods of accounting, select available accounting periods specifying their impact on income and expenses and identify expensing depreciation, and amortization.


Ratings and Reviews

Avg. Rating
4 Ratings
What's your experience? We'd love to know!
Carla Ross
Posted 2 months ago
It was a little more difficult than I thought, but manageable!

There is a lot of detail changes that are folded into what I do at work, so it is good to understand background information upon which the rules are based, it makes it easier to explain to employees when they cannot be reimbursed for out-of-pocket expenses, or they are taxed upon reimbursements.

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Aditi Khatri
Posted 2 months ago


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Arden Swanson
Posted 2 months ago
Relevant Material

Very applicable to my work

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Syamaladevi Prasad Duggirala
Posted 6 months ago
The subject matter has been presented satisfactorily

Good Presentation

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