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: September 2021
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
- Recognize how to explain the tax incentives for purchasing certain types of vehicles
- Identify the maximum depreciation deduction for 2021
- Recognize what is not treated as a non-personal use vehicle exempt from the dollar limits and substantiation rules
- Describe the standard mileage rate per mile for business driving in 2021
- Identify correct statements regarding a personal vehicle is destroyed in a storm and insurance proceeds exceed its basis
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
None
Advance Preparation
None
