This detailed mini-course provides a deep dive into the world of business expense deductions, an area crucial for profitability and compliance in any trade or business. It is designed to help professionals understand and apply the key elements of §162 and navigate the limitations imposed by the not-for-profit provisions. Participants will learn about various deductible expenses, including cost of goods sold, leases, taxes, loan points, and interest expenses, and how to determine their eligibility for deduction. The course also addresses the corporate dividends received deduction and offers guidance on cost allocation for the business use of a residence. Additionally, it covers casualties, thefts, research costs, and methods of amortization for business startup costs, organizational expenses, and §179 intangibles, along with cost depletion methods for natural resources. Participants will also become familiar with depreciation rules under ACRS and MACRS and understand the business bad debt provisions under §166. This course is ideal for professionals seeking a thorough understanding of business expense deductions to provide accurate tax advice and ensure compliance.