CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Automobile Tax Rules

Icon_Self-Study
Self-Study
Icon_Level
Update
Credits
CPE Credits
2 Credits: Taxes

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.

Learning Objectives

Recognize tax vehicle depreciation (§168) and expensing (§179) methods including their requirements and limitations under MACRS and recognize basis, business use, and deduction computations.
Specify the predominant business use rule recognizing the result of less than 50% qualified business use, cite the pros and cons of auto leasing, and determine how to estimate monthly lease payments indicating what factors affect payments so clients may recognize leasing costs and know common leasing terms.
Identify items included under the standard mileage method listing 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 specify several qualified nonpersonal use vehicles stating what reporting standards apply.

Course Specifics

Course ID
8202705
Revision Date
July 20, 2020
Number of Pages
74
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01597-20-S
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1493
CTEC Federal Tax Law Credits: 2

Course Instructor

Danny Santucci Headshot
Danny Santucci, JD

Danny Santucci, BA, JD, is a prolific author of tax and financial books and articles. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines, and Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning. Speaking to more than 100 groups nationally each year, he is known …

Danny Santucci, JD Read More »

Automobile Tax Rules

Expert Instructors
Format
CPE CREDITS
2 Credits: Taxes

$58.00$78.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Update
Credits
CPE Credits
2 Credits: Taxes

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.

Learning Objectives

Recognize tax vehicle depreciation (§168) and expensing (§179) methods including their requirements and limitations under MACRS and recognize basis, business use, and deduction computations.
Specify the predominant business use rule recognizing the result of less than 50% qualified business use, cite the pros and cons of auto leasing, and determine how to estimate monthly lease payments indicating what factors affect payments so clients may recognize leasing costs and know common leasing terms.
Identify items included under the standard mileage method listing 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 specify several qualified nonpersonal use vehicles stating what reporting standards apply.

Course Specifics

Course ID
8202705
Revision Date
July 20, 2020
Number of Pages
74
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01597-20-S
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1493
CTEC Federal Tax Law Credits: 2

Course Instructor

Danny Santucci Headshot
Danny Santucci, JD

Danny Santucci, BA, JD, is a prolific author of tax and financial books and articles. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines, and Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning. Speaking to more than 100 groups nationally each year, he is known …

Danny Santucci, JD Read More »

Automobile Tax Rules

Expert Instructors
Format
CPE CREDITS
2 Credits: Taxes

$58.00$78.00

Clear