Business Expenses Description

BUSINESS EXPENSES

Description...

Prerequisite - None

Program Level - Basic

Advance Preparation - None

Instructional Delivery Method - This course includes a minimum of 5 review questions with correct and incorrect responses and 5 exam questions for each cpe hour. For the best results we recommend the following steps to complete this course:

(1) Complete the reading assignments. We recommend you read and study all of the required materials prior to beginning the review or final exam.

(2) Complete the related review questions. Each review question offers interactive feedback for all questions. We recommend that you view all feedback, correct and incorrect, to each question. These responses focus on key areas related to the questions and will assist in preparing for the exam.

(3) Complete the exam. Review any incorrect answers.

Recommended CPE Credit - 6 hours (12 hours for Enrolled Agents). These hours are based on pilot testing results and a 100 minute study hour (50 minute study hour for Enrolled Agents) .

Course Registration Requirements - CPAs should check the Sponsor Information page to determine if this course is available in their state of registration.

Lesson and Objectives	Reading Assignment
Business Expenses
1. Deducting Business Expenses	Chapter 1
The learning objectives for this lesson are: Learn what you can deduct Learn how much you can deduct Understand when to deduct
2. Employees' Pay	Chapter 2
The learning objectives for this lesson are: Learn the tests for deducting pay Learn about kinds of pay
3. Retirement Plans	Chapter 3
The learning objectives for this lesson are: Understand simplified employee pension (SEP) plans Understand SIMPLE (Savings incentive match plan for employees) retirement plans Understand qualified plans (also called H.R. 10 or Keogh plans) Understand individual retirement arrangements (IRAs)
4. Rent Expense	Chapter 4
The learning objectives for this lesson are: Learn the definition of rent Learn about taxes on leased property Understand the cost of getting a lease Learn about Improvements by the lessee Understand capitalizing rent expenses
5. Interest	Chapter 5
The learning objectives for this lesson are to gain an understanding of: Allocation of interest Interest you can deduct Interest you cannot deduct Capitalization of interest When to deduct interest Below-market loans
6. Taxes	Chapter 6
The learning objectives for this lesson are to gain an understanding of: When to deduct taxes Real estate taxes Income taxes Employment taxes Other taxes
7. Insurance	Chapter 7
The learning objectives for this lesson are to gain an understanding of: Deductible premiums Nondeductible premiums Capitalized premiums When to deduct premiums
8. Costs You Can Deduct or Capitalize	Chapter 8
The learning objectives for this lesson are to gain an understanding of: Carrying charges Research and experimental costs Intangible drilling costs Exploration costs Development costs Circulation costs Environmental cleanup costs Retired asset removal costs Barrier removal costs
9. Amortization	Chapter 9
The learning objectives for this lesson are to gain an understanding of: How to deduct amortization Amortizing costs of going into business Amortizing costs of getting a lease Amortizing costs of section 197 intangibles Amortizing reforestation cost Amortizing costs of pollution control facilities Amortizing costs of research and experimentation
10. Depletion	Chapter 10
The learning objectives for this lesson are to gain an understanding of: Who can claim depletion? Mineral property Timber
11. Business Bad Debts	Chapter 11
The learning objectives for this lesson are to gain an understanding of: Definition of business bad debt When a debt becomes worthless How to treat business bad debts Recovery of a business bad debt Where to deduct business bad debts
12. Electric and Clean-Fuel Vehicles	Chapter 12
The learning objectives for this lesson are to gain an understanding of: The deduction for clean-fuel vehicle property The deduction for clean-fuel vehicle refueling property Recapture of the deductions The electric vehicle credit Recapture of the credit
13. Other Expenses	Chapter 13
The learning objectives for this lesson are to gain an understanding of: Travel, meals and entertainment Bribes and kickbacks Charitable contributions Education expenses Franchises, trademarks and trade names Lobbying expenses Penalties and fines Repayments (claim of right) Other miscellaneous expenses
Employer's Tax Guide to Fringe Benenfits	Chapter 1
1. Fringe Benefit Overview
The learning objectives for this lesson are to gain an understanding of: Taxation of fringe benefits Cafeteria plans
2. Fringe Benefit Exclusion Rules	Chapter 2
The learning objectives for this lesson are to gain an understanding of: Accident and health benefits Achievement awards Adoption assistance Atheletic facilities De Minimis benefits Dependent care assistance Eductional assistance Employee discounts Employee stock options Group-term life insurance coverage Lodging on your business premises Meals Moving expense reimbursements No-additional-cost services Retirement planning services Transportation benefits Tutition reduction Working condition benefits
3. Fringe Benefit Valuation Rules
The learning objectives for this lesson are to gain an understanding of: General valuation rule Cents-per-mile rule Commuting rule Lease value rule Unsafe confitions commuting rule
4. Withholding, Depositing, and Reporting
The learning objectives for this lesson are to gain an understanding of: Valuation of fringe benefits Choice of period for withholding, depositing, and reporting Withholding and depositing taxes Paying you employee's share of social security and Medicare taxes Special accounting rule Special rules for highway motor vehicles