Selected Business

Expenses

Course 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.

Learning Objectives:

Upon successful completion of this course, participants will be able to:

• List the elements of the §162 and limitations imposed by the not-for-profit provisions explaining how these elements and restrictions impact business deductions such as costs 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.