Auto Tax Rules ON DEMAND

Overview

This is an essential course for professionals and taxpayers seeking to maximize deductions related to business vehicle use. This course features a detailed exploration of tax rules, including the apportionment of vehicle use, actual cost and standard mileage methods, and a deep dive into property tax deductions on Schedule A. The benefits of this self-study CPE course are manifold. It provides a clear understanding of the Section 168 depreciation and Section 179 expensing methods, their requirements, and limitations. Learners will be able to accurately compute basis, business use, and deductions, and understand the implications of less than 50% qualified business use. The course also offers valuable insights into the pros and cons of auto leasing, including how to calculate lease payments and understand common leasing terms. By completing this course, participants will be adept at determining the taxable fringe benefit value of employer-provided automobiles and applying valuation methods, ensuring compliance and optimal tax positioning.

Highlights

Automobile apportionment. Actual cost method. Expensing. Predominate business use rule. Auto leasing. Standard mileage method. Working condition fringe benefits.

Prerequisites

None.

Designed For

CPAs, financial professionals, enrolled agents, and attorneys.

Objectives

Recognize tax vehicle depreciation (Section 168) and expensing (Section 179) methods including their requirements and limitations under MACRS and recognize basis, business use, and deduction computations. Specify the predominant business use rule recognizing the result of less than 50% qualified business use, cite the pros and cons of auto leasing, and determine how to estimate monthly lease payments indicating what factors affect payments so clients may recognize leasing costs and know common leasing terms. Identify items included under the standard mileage method listing items that may be separately deducted, determine the taxable fringe benefit value of an employer-provided automobile using the general and special valuation methods and specify several qualified nonpersonal use vehicles stating what reporting standards apply.

Preparation

None.

Notice

None.