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-
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 (150 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 2025
Objectives
Expenses, Deductions, and Accounting
Learning Objectives
- 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.
- 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.
- 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.
- Differentiate accountable and nonaccountable plans including the requirements for an accountable plan particularly adequate accounting using per diem rates for non-related employees.
- Determine what constitutes local personal commuting and deductible travel to temporary work sites.
- Identify the apportionment of automobile expenses between personal and business use, the actual cost and standard mileage methods, medical & charitable mileage, and depreciation.
- Specify the various types of excluded fringe benefits that can increase employers’ deductions and incentive-based compensation of employee.
- Recognize the cash, accrual, and other methods of accounting, select available accounting periods specifying their impact on income and expenses, and identify expensing and amortization.
Ratings and Reviews
Hector Matos
Very easy to understand.
Kristin Alongi
Mostly good, some of the questions were confusing
MATTHEW GREER
.
Carla Ross
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.
Aditi Khatri
good
Arden Swanson
Very applicable to my work
Syamaladevi Prasad Duggirala
Good Presentation
great course