Course Information
Selected Business Expenses
Course Information
| Title: | Selected Business Expenses |
|---|---|
| Category: | Taxation |
| Field of Study: | Taxes |
| Course Code: | M042 |
| CPE Credits: | 2.0 |
| Price: | 19.95 |
Description
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 deduction. Furthermore, practitioners can use this as a guide to determine which of their clients’ taxes are deductible as business expenses.
Delivery Method: Online Interactive Self Study
Level: Overview
Prerequisites: None
Advanced Preparation: None
Course Details
Category: Taxation
Field of Study: Taxes
Passing Score: 70%
Technical Details: Taxation is a technical field of study for all states.
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Objectives
Objectives:
1. Cite the elements of the Section 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. 2. 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 Section 162. 3. Recognize the various methods of amortization for business startup, organizational costs, and Section 179 intangibles with the cost depletion methods used on natural resources. 4. Identify depreciation rules related to ACRS and MACRS, and cite the elements of the business bad debt provisions under Section 166.
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Profession
NASBA: Yes
QAS: Yes
CPA: Suitable for all CPAs
IRS: IRS credit for Enrolled Agents.
Profession Identifiers: CPA, Enrolled Agents