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Individual Income Tax - Schedule C, E, and F Expenses  

CATEGORY: Taxation
COURSE ID: TXEXPA, VERSION 12.00
(85)
Online & Mobile, Download
7 CPE Credits
Level: Basic

Some types of expenses are common to a variety of businesses and taxpayers while others are unique to very specific businesses and only available to taxpayers in certain circumstances. This course discusses expenses common to self-employed taxpayers and covers expenses incurred in the business of farming, expenses common to the fishing industry, and expenses incurred in the business of renting property. Discussed in detail are expenses such as meals and entertainment, travel, transportation, home office, and other business expenses. This course has been updated to include the two methods to calculate the deductions for the home office for tax years beginning on or after January 1, 2013: the simplified method known as the optional safe harbor method, and the calculation and substantiation of actual expenses, known as the standard method. Transportation expenses and the two methods a taxpayer may use to calculate them, regular (actual expenses) and optional (standard mileage rate), are discussed in detail. Presented are various examples for completing Schedules C, E, and F, as well as depreciation calculations and the transportation and travel expense worksheets for Schedules C, E, and F. NOTE: This course has been updated for the relevant 2017 provisions of the Tax Cuts and Jobs Act.

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