Selected Business Expenses ON DEMAND

Overview

This detailed mini-course provides a deep dive into the world of business expense deductions, an area crucial for profitability and compliance in any trade or business. It is designed to help professionals understand and apply the key elements of Section 162 and navigate the limitations imposed by the not-for-profit provisions. Participants will learn about various deductible expenses, including cost of goods sold, leases, taxes, loan points, and interest expenses, and how to determine their eligibility for deduction. The course also addresses the corporate dividends received deduction and offers guidance on cost allocation for the business use of a residence. Additionally, it covers casualties, thefts, research costs, and methods of amortization for business startup costs, organizational expenses, and Section 179 intangibles, along with cost depletion methods for natural resources. Participants will also become familiar with depreciation rules under ACRS and MACRS and understand the business bad debt provisions under Section 166. This course is ideal for professionals seeking a thorough understanding of business expense deductions to provide accurate tax advice and ensure compliance.

Highlights

Selected business expenses. Section 162. Rent expenses. Deductible taxes. Amortization. Depreciation.

Prerequisites

None.

Designed For

CPAs, financial professionals, enrolled agents, and attorneys.

Objectives

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. 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. Recognize methods of amortization for business startup, organizational costs, and Section 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 Section 166.

Preparation

None.

Notice

None.