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.
Upon successful completion of this course, participants will be able to:
- Identify tax vehicle depreciation (§168) and expensing (§179) methods and their requirements and limitations under MACRS.
- Specify factors that affect monthly lease payments.
- Identify items included under the standard mileage method.
- Cite the valuation methods of taxable fringe benefits for an employer provided automobile.
- Identify the applicable reporting standards of qualified nonpersonal use vehicles.
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