Course Description
Business Expenses
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 deduction. Furthermore, practitioners can use this as a guide to determine which of their clients’ taxes are deductible as business expenses.
Course Information
Course No. M050
Format: Online pdf (69 pages). Printed book available.
Instructional Delivery Method: QAS Self-Study
Prerequisites: General understanding of federal income taxation.
Advance Preparation: None
Level: Overview
CPE Credit: 2 hrs.
Field of Study: Taxes: Technical
Course expiration: You have one year from date of purchase to complete the course.
Course Revision Date: February 2023
Objectives
Course topics:
* 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
Upon completion of this course you will be able to:
- Cite the elements of §162 and the limitations imposed by the not-for-profit provisions stating 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 casualties, 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.
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Easy read and well prepared to take the quiz