Small Business Taxes Made Easy: Common Deductions (Completed)

Join the class to learn how to set up or improve your business during this COVID19 time in the world.This course is based on the tips and tools discussed in TaxMama’s latest book, Small Business Taxes Made Easy. People are always asking what’s deductible. This course will discuss deductions that are common – and maybe not always so common. And how to ensure you don’t lose the deductions if audited.

While not required, having a copy of the textbook Small Business Taxes Made Easy, 4th Edition is beneficial.

Who Should Attend
Tax practitioners at all levels regardless of tax practice and Business Owners.

Topics Covered

• Rule of thumb regarding deductions
• Deductions that are universally allowable
• Unique deductions in specific trades or industries
• Mixed use assets and special recordkeeping and logs
• Depreciation overview
• Special rules for childcare providers
• Deductions related to pass-through entities
• Reconstructing expenses when taxpayer has inadequate records
• Considerations regarding Sec 199A Qualified Business Income Deductions
• Deduction resources

Learning Objectives

• Recognize what deductions are currently acceptable for the business — and how to legally maximize the tax benefits of business expenditures

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None