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Self-Study — Course Detail

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Automobile Tax Rules: Useful Methods, Expenses & Deductions
Danny Santucci
Copyright© 2011

Course: 8112069   Version 1105

NASBA Category:     Taxes     CPE Credits 2
CTEC Credits: 2 Federal / 2 California
Level: Overview  (61 pages)
Prerequisite: There are no prerequisites.
Advance Preparation: None.
IRS Program Nbr: 0MYXB-T-00006-12-S





Course Description
Operating costs for vehicles used in the course of a taxpayer’s business are deductible. Thus, when taxpayers use their vehicles in their businesses or employment, they can deduct that portion of the cost of operating their vehicle. Such costs that can be deducted are property taxes that are paid on their vehicle if deductions are itemized on Schedule A. This informative course reviews apportionment of personal and business use, the actual cost method, the standard mileage method, and expensing. Moreover, this presentation will give you the information you need to know regarding topics such as the benefits and costs of leasing versus owning, and working condition fringe benefits.

This course includes an addendum that covers the 2013 fiscal cliff legislation.

Western CPE has been approved by the California Tax Education Council to offer Automobile Tax Rules: Useful Methods, Expenses & Deductions (2071-CE-0077), which provides 2 hours of federal credit and 0 hours of state credit towards the annual “continuing education” requirement imposed by the State of California. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.


Table of Contents

Learning Objectives
Upon successful completion of this course, participants will be able to:
  • Section 1
    • Identify and implement various tax vehicle depreciation (§168) and expensing (§179) methods describing their requirements and limitations under MACRS and make basis, business use and deduction computations.
    • Explain the predominate business use rule emphasizing the result of less than 50% qualified business use, name the pros and cons of auto leasing and calculate monthly lease payments indicating what factors affect payments so clients may financially analyze leasing and know common leasing terms.
    • Review items included under the standard mileage method distinguishing items that may be separately deducted, determine the taxable fringe benefit value of an employer provided automobile using the general and special valuation methods and list several qualified non-personal use vehicles discussing what reporting standards apply.
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