Tax Rules for Vehicles (Currently Unavailable)

Author: Barbara Weltman

CPE Credit:  1 hour for CPAs
1 hour Federal Tax Related for EAs and OTRPs
1 hour Federal Tax Law for CTEC

This course will cover the tax rules for cars, light trucks, and vans.

Publication Date: March 2020

Designed For
Practitioners looking for an overview on automobile expenses and deductions.

Topics Covered

  • Expenses and deductions available for business use of vehicles
  • Depreciation
  • Leased vehicles
  • Dollar Limits
  • Standard mileage rate
  • Reimbursement and deductions for business use of a personal vehicle
  • Substantiation requirements
  • Recordkeeping requirements
  • Personal use of a business vehicle
  • Valuation rules
  • Tax breaks for purchasing a personal vehicle
  • Donating a vehicle to charity

Learning Objectives

  • Describe the limitations on deducting depreciation for business vehicles
  • Identify the situations in which personal use of a vehicle is tax deductible
  • Explain the tax incentives for purchasing certain types of vehicles
  • Recognize expense taken into account when deducting the costs of a business vehicle purchased in 2020
  • Describe correct statements about driving for medical purposes
  • Identify which elements have to be substantiated when a taxpayer uses the standard mileage rate
  • Recognize which method to use for figuring an employee's personal use of a company vehicle

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
None

Advance Preparation
None

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