CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS
Self-Study

Automobile Tax Rules

2 Credits: Taxes

$58.00$78.00

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Automobile Tax Rules

Format
Self-Study
Course Level
Update
CPE Credits

2 Credits: Taxes

Course Description

“Automobile Tax Rules Decoded” is an essential course for professionals and taxpayers seeking to maximize deductions related to business vehicle use. This course features a detailed exploration of tax rules, including the apportionment of vehicle use, actual cost and standard mileage methods, and a deep dive into property tax deductions on Schedule A.

The benefits of this self-study CPE course are manifold. It provides a clear understanding of the §168 depreciation and §179 expensing methods, their requirements, and limitations. Learners will be able to accurately compute basis, business use, and deductions, and understand the implications of less than 50% qualified business use. The course also offers valuable insights into the pros and cons of auto leasing, including how to calculate lease payments and understand common leasing terms. By completing this course, participants will be adept at determining the taxable fringe benefit value of employer-provided automobiles and applying valuation methods, ensuring compliance and optimal tax positioning.

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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.

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Course Specifics

Course ID
8202705
Revision Date
June 22, 2023
Prerequisites

There are no prerequisites.

Advanced Preparation

None

Number of Pages
75

Compliance Information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02097-22-S
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1493
CTEC Federal Tax Law Credits: 2

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

CTEC Notice: California Tax Education Council DOES NOT allow partial credit, course must be taken in entirety. Western CPE has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. 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, by phone toll-free at (877) 850-2832, or on the Internet at www.ctec.org.

Meet The Experts

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 …