1040 Preparation and Planning 6: Gross Income: Business, Farm, and Rental Income (2021) (Currently Unavailable)
Author: Barbara Weltman, Sidney Kess
CPE Credit: |
4 hours for CPAs 4 hours Federal Tax Related for EAs and OTRPs 4 hours Federal Tax Law for CTEC |
This on-demand course looks at expenses and deductions for business, including: travel, entertainment, home office, work-related education, depreciation, losses, farming, rents and royalties, investments and income-producing activities. It also covers research and development expenditures, the domestic activities deduction, expenses that are part business and part personal, and much more.
Publication Date: November 2020
Designed For
Tax practitioners.
Topics Covered
- Schedule C
- Domestic production activities
- Vacation home rules
- Home office deduction
- Farming activities
Learning Objectives
- Complete Schedule C
- Recognize how to determine eligibility for and report deductions on a range of business expenses
- Identify report deductions for travel-away-from-home costs
- Recognize how to figure meal cost limitations
- Identify how to figure the home office deduction
- Recognize how to calculate deductions for business vehicle use
- Explain property depreciation, first-year expensing, bonus depreciation, and depreciation recapture
- Recognize how to apply the rules for amortization, depletion, different types of losses, and bad debts
- Identify expenses subject to amortization
- Describe how to figure depletion deductions
- Recognize how to apply the limits on trade or business losses
- Identify how to determine net operating losses
- Determine whether a debt is a business or nonbusiness bad debt
- List special deductions for farming activities
- Recognize how to apply the passive activity loss rules to businesses and rental activities
- Determine when losses from the rental of a home are deductible
- Figure the qualified business income deduction
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Taxes (4 hours)
Program Prerequisites
1040 Preparation and Planning: Fundamentals or basic understanding of Form 1040.
Advance Preparation
None