This course explores the deductibility of business expenses and the treatment of property transactions under the U.S. Federal Income Tax System.
Students will Learn:
- To identify the requirements for deductions of business expenses.
- To calculate limitations on deductions.
- To compute depreciation deductions for long-lived assets used in a trade or business.
- To use an asset’s basis to calculate a realized gain or loss at sale or other disposition.
- To determine whether realized losses will be currently recognized on the tax return.
Module 1 – Business Expense Basics
- Learning Objective: Identify the deductible expenses of a trade or business of an individual taxpayer or other entity.
Module 2 – Other Issues for Business Expenses
- Learning Objective: Determine the availability of credits and limitations on losses of expenses in a revenue producing-activity.
Module 3 – Loss Deduction Limitations
- Learning Objective: Calculate limitations on the deductibility of losses.
Module 4 – Cost Recovery for Long-Lived Assets
- Learning Objective: Determine allowable deductions for the cost of assets used in a trade or business for more than one year.
Module 5 – Gain and Loss Recognition and Other Implications of Property Disposal
- Learning Objective: Understand the difference between realized and recognized gains and losses and the implications of various provisions for non-recognition..
- Students with a background in accounting, finance, personal finance, or bookkeeping desiring to develop an understanding of the taxation of individuals in the United States.
- Students with prior experience with other tax regimes wishing to expand their knowledge to the U.S. Federal Income Tax System.
- Students striving to better understand U.S. income tax for their own personal tax reasons.
- Employees newly entering the finance and accounting areas.
- Those preparing for and/or needing Continued Education Units for their certifications.