- NY Credits : 8.0
- TX Credits : 8.0
- CTEC Credits : Federal Tax Law - 8.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 8.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 8.0
This interactive self-study course discusses some of the deductions that S corporations can take on Form 1120S. Lesson 1 takes a look at their deductions for various taxes and interest. Lesson 2 discusses depreciation and depletion deductions that may affect S corporations. Lesson 3 covers deductions for fringe benefits and retirement plans S corporations may offer. Finally, Lesson 4 examines the expenses an S corporation might have for business meals and travel.
Course Expiration Date: December 31, 2020
Please note, the grading fee for answer sheets submitted by regular mail is $109.
Recognize the basic considerations for deducting taxes and interest, real property taxes, and state income taxes incurred by S corporations.
Determine how to deduct interest subject to the business interest expense limitation and interest incurred to purchase stock or inject capital into an S corporation.
Recognize how to elect a depreciation method, claim first-year bonus depreciation, and capitalize and amortize expenditures for tangible property.
Identify how to best depreciate automobiles, claim the Section 179 deduction at the S corporation level, apply the percentage depletion limitations, and capitalize and amortize expenditures for intangible assets.
Determine the most appropriate methods for deducting taxable and nontaxable fringe benefits.
Identify the rules related to deducting contributions to various types of employee benefit plans.
Determine the appropriate rules for various business expenses.
Lesson 1—Taxes and Interest
Lesson 2—Depreciation and Depletion
Lesson 3—Fringe Benefits and Retirement Plans
Lesson 4—Business Meals and Travel Expenses