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 course reviews various expenses that businesses may deduct and the requirements that must be met for those expenses to qualify for deduction. You'll be able to use this practical course as a guide to determine which of your clients' taxes are deductible as business expenses.
Upon successful completion of this course, participants will be able to:
- Note the elements of §162 and the limitations imposed by the not-for-profit provisions
- Determine the cost allocation on the business use of a residence
- Define casualties, thefts, and research costs in the context of business deductions under §162
- Compare the various 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
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