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.
Objectives
Objectives:
- Cite the elements of §162 and the not-for-profit limitations, noting their impact on business deductions such as cost of goods sold, leases, and loan points.
- 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.
Profession
NASBA: Yes
QAS: Yes
CPA: Suitable for all CPAs
IRS: IRS credit for Enrolled Agents.
Profession Identifiers: CPA, Enrolled Agents