E-Deductions - Selected Business Expenses

E-Deductions - Selected Business Expenses
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Price: $29.99
Credits: 2
Prerequisite: None
Level: Overview
Model: MT007
Author: Danny Santucci
Average Rating: Not Rated
Fields of study: Taxes
Format: PDF

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.



Learning Assignment & Objectives

As a result of studying the assigned materials, you should be able to meet the objectives listed below.


At the start of the materials, participants should identify the following topics for study:

  • 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

Learning Objectives

After reading the materials, participants will be able to:

  • List the elements of the §162 and the limitations imposed by the not-for-profit provisions explaining how these elements and restrictions impact business deductions such as cost of goods sold, leases, taxes, loan points, and interest expense.
  • Analyze the corporate dividends received deduction, determine the cost allocation on the business use of a residence and define casualties, thefts and research costs in the context of business deductions under §162.
  • Compare and describe the various methods of amortization for business startup, organizational costs, and §179 intangibles with the cost depletion methods used on natural resources.
  • Explain depreciation rules related to ACRS and MACRS, and list the elements of the business bad debt provisions under §166.

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants :
Any CPA looking to maintain or enhance their professional competence

Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
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