Lesson and Objectives

Reading
Assignment

1. Tax deduction basics

Chapter 1

The learning objectives for this lesson are to gain an understanding of:

•  How tax deductions work

•  The value of a tax deduction

•  What professionals can deduct

2. Choice of business entity

Chapter 2

The learning objectives for this lesson are to gain an understanding of:

•  Types of business entities

•  Limiting your liability

•  The four ways business entities are taxed

•  Comparing tax treatments

•  Should you change your business entity or tax treatment?

3. Operating expenses

Chapter 3

The learning objectives for this lesson are to gain an understanding of:

•  Requirements for deducting operating expenses

•  Operating expenses that are not deductible

•  Tax Reporting

4. Meal and entertainment expenses

Chapter 4

The learning objectives for this lesson are to gain an understanding of:

•  What is business entertainment?

•  Who you can entertain

•  Deducting entertainment expenses

•  Calculating your deduction

•  Expenses reimbursed by clients

•  Reporting entertainment expenses to the IRS

5. Car and local travel expenses

Chapter 5

The learning objectives for this lesson are to gain an understanding of:

•  Deductible local transportation expenses

•  The standard mileage rate

•  The actual expense method

•  How to maximize your car expense deduction

•  Other local transportation expenses

•  Reporting transportation expenses on Schedule C

•  When clients reimburse you

•  Professional with business entities

•  Should you trade in or sell your old car?

6. Long distance travel expenses

Chapter 6

The learning objectives for this lesson are to gain an understanding of:

•  What is business travel?

•  What travel expenses are deductible

•  How much you can deduct

•  Maximizing your business travel deductions

•  How to deduct travel expenses

•  Travel expenses reimbursed by clients

7. The home office deduction

Chapter 7

The learning objectives for this lesson are to gain an understanding of:

•  Qualifying for the home office deduction

•  Calculating the home office deduction

•  How to deduct home office expenses

•  Audit-proofing your home office deduction

8. Deductions for outside offices

Chapter 8

The learning objectives for this lesson are to gain an understanding of:

•  If you rent your office

•  If you own your office

•  If you lease a building to your practice

9. Deducting long-term assets

Chapter 9

The learning objectives for this lesson are to gain an understanding of:

•  Long-term assets

•  Section 179 deductions

•  Depreciation

•  Tax reporting and record keeping for section 179 and depreciation

•  Leasing long-term assets

10. Start-up expenses

Chapter 10

The learning objectives for this lesson are to gain an understanding of:

•  What are start-up expenses?

•  Starting a new practice

•  Buying as existing practice

•  Expanding an existing practice

•  When does a professional practice begin?

•  How to deduct start-up expenses

•  Expenses for practices that never begin

•  Organizational expenses

11. Medical expenses

Chapter 11

The learning objectives for this lesson are to gain an understanding of:

•  The personal deduction for medical expenses

•  Self-employed health insurance deduction

•  Deducting health insurance as an employee fringe benefit

•  Adopting a medical reimbursement plan

•  Health savings accounts

12. Retirement deductions

Chapter 12

The learning objectives for this lesson are to gain an understanding of:

•  Why you need a retirement plan (or plans)

•  Types of retirement plans

•  Individual retirement accounts--IRAs

•  IRAs for business

•  Qualified retirement plans

•  Keogh plans

•  Solo 401(k) plans

•  Roth 401(k) plans

13. Inventory

Chapter 13

The learning objectives for this lesson are to gain an understanding of:

•  What is inventory?

•  Do you have to carry an inventory?

•  Deducting inventory costs

•  IRS reporting

14. More deductions

Chapter 14

The learning objectives for this lesson are to gain an understanding of:

•  Advertising

•  Business bad debts

•  Casualty losses

•  Charitable contributions

•  Clothing

•  Disabled access tax credit

•  License fees, dues, and subscriptions

•  Education expenses

•  Gifts

•  Insurance for your practice

•  Interest on business loans

•  Legal and professional services

•  Taxes

•  Domestic production activities

15. Hiring employees and independent contractors

Chapter 15

The learning objectives for this lesson are to gain an understanding of:

•  Employees versus independent contractors

•  Tax deductions for employee pay and benefits

•  Reimbursing employees

•  Employing your family

•  Tax deductions when you hire independent contractors

16. Professionals who incorporate

Chapter 16

The learning objectives for this lesson are to gain an understanding of:

•  Automatic employee status

•  Paying yourself

•  Employee fringe benefits

•  Shareholder loans

17. How you pay business expenses

Chapter 17

The learning objectives for this lesson are to gain an understanding of:

•  Your practice pays

•  Using personal funds to pay for business expenses

•  Your client reimburses you

•  Accountable plans

18. Amending tax returns

Chapter 18

The learning objectives for this lesson are to gain an understanding of:

•  Reasons for amending your tax return

•  Time limits for filing amended returns

•  How to amend your return

•  How the IRS processes refund claims

19. Staying out of trouble with the IRS

Chapter 19

The learning objectives for this lesson are to gain an understanding of:

•  Anatomy of an audit

•  The IRS: clear and present danger or phantom menace?

•  How tax returns are selected for audits

•  Tax shelters, scams, and schemes

•  Ten tips for avoiding an audit

20. Record keeping and accounting

Chapter 20

The learning objectives for this lesson are to gain an understanding of:

•  Recording your expenses

•  Documenting your deductions

•  Accounting methods

•  Tax years