Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
This course will cover the tax rules for cars, light trucks, and vans for individuals and businesses.
Publication Date: February 2023
Designed For
Practitioners looking for an overview on automobile expenses and deductions.
Topics Covered
- Basic rules for cars, light trucks, and vans
- Tax rules for commercial vehicles
- New green energy incentives
- Other vehicle-related rules
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 (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Barbara Weltman
Barbara Weltman, JD, has written extensively on a wide variety of tax, small business, and financial planning matters for both professionals and the general public. The Wall Street Journal called her “the guru of small business taxes.” She is the author of a number of self-study programs for CCH. She is publisher of Big Ideas for Small Business® and Idea of the Day® found at www.BigIdeasForSmallBusiness.com and is a guest blogger for the SCORE and many other sites. Ms. Weltman is a graduate of Brooklyn Law School.