Automobile Tax Rules

Price: $19.99

CPE Credits: 2.0

Category: , ,

Course Number: TXAUTODS

auto tax cpe

Description:
Operating costs for vehicles used in the course of a taxpayer’s business are deductible. Thus, when taxpayers use their vehicles in their businesses or employment, they can deduct that portion of the cost of operating their vehicle. Such costs that can be deducted are property taxes that are paid on their vehicle if deductions are itemized on Schedule A. This mini-course reviews apportionment of personal and business use, the actual cost method and the standard mileage method, and expensing. Moreover, this presentation informs practitioners about topics such as the benefits and costs of leasing versus owning, and working condition fringe benefits. Table of Contents
Delivery Method: Online QAS Self Study.

Level: Overview.

Prerequisites: None

Advanced Preparation: None

Author: Danny C. Santucci

Publication: February 2014
Update: May 2018

Format: PDF
Pages: 79

Passing Grade: 70%

Exam Policies: Exam may be retaken. Course must be completed within one year of purchase.

CPE Sponsor Info : NASBA/QAS #109234. Click here to view specific state approvals.

By the end of the course participants should be able to:

  1. Recognize tax vehicle depreciation (§168) and expensing (§179) methods including their requirements and limitations under MACRS and recognize basis, business use and deduction computations.
  2. Specify the predominate business use rule noting 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.
  3. Identify items included under the standard mileage method noting 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 noting what reporting standards apply.

Description:
Operating costs for vehicles used in the course of a taxpayer’s business are deductible. Thus, when taxpayers use their vehicles in their businesses or employment, they can deduct that portion of the cost of operating their vehicle. Such costs that can be deducted are property taxes that are paid on their vehicle if deductions are itemized on Schedule A. This mini-course reviews apportionment of personal and business use, the actual cost method and the standard mileage method, and expensing. Moreover, this presentation informs practitioners about topics such as the benefits and costs of leasing versus owning, and working condition fringe benefits. Table of Contents
Delivery Method: Online QAS Self Study.

Level: Overview.

Prerequisites: None

Advanced Preparation: None

Author: Danny C. Santucci

Publication: February 2014
Update: May 2018

Format: PDF
Pages: 79

Passing Grade: 70%

Exam Policies: Exam may be retaken. Course must be completed within one year of purchase.

CPE Sponsor Info : NASBA/QAS #109234. Click here to view specific state approvals.

By the end of the course participants should be able to:

  1. Recognize tax vehicle depreciation (§168) and expensing (§179) methods including their requirements and limitations under MACRS and recognize basis, business use and deduction computations.
  2. Specify the predominate business use rule noting 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.
  3. Identify items included under the standard mileage method noting 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 noting what reporting standards apply.
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