Selected Business Expenses
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Overview

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 mini-course reviews various expenses that businesses may deduct and the requirements that must be met for those expenses to qualify for deduction. Furthermore, practitioners can use this as a guide to determine which of their clients’ taxes are deductible as business expenses.

  • Cite the elements of the §162 and the limitations imposed by the not-for-profit provisions stating how these elements and restrictions impact business deductions such as cost of goods sold, leases, taxes, loan points, and interest expense.
  • Determine the corporate dividends received deduction, identify the cost allocation on the business use of a residence and specify casual-ties, thefts, and research costs in the context of business deductions under §162.
  • Recognize 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, and cite the elements of the business bad debt provisions under §166.
  • None
  • General understanding of federal income taxation
  • Basic
  • 103648

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