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Tax Deductions for Professionals

Exam Questions: 90
Course Level: Basic
Pages: 402 | Content: 396, Supplemental: 6
NASBA Area of Study: Taxes
Not Acceptable for: N/A
Version: 7735B

This course will delve into the special tax rules applicable to professionals such as architects, lawyers, doctors, dentists, and chiropractors. There are valuable tax deductions specifically geared toward professionals such as start-up expenses, continuing education costs, retirement plan contributions, medical expenses, vehicles, meals and travel that can generate significant tax savings. This course will also help you choose the most appropriate legal structure with good information on limited liability companies, partnerships, and professional corporations. All course material provided. No prerequisites. Course level: Basic.

EA Program Approval Number: ZX34G-T-00404-21-S

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Course Information

Table of Contents
  • Tax Deduction Basics
  • Choice of Business Entity
  • Operating Expenses
  • The Pass-Through Tax Deduction
  • Car and Local Travel Expenses
  • Long-Distance Travel Expenses
  • The Home Office Deduction
  • Deductions for Outside Offices
  • Deducting Long-Term Assets
  • Start-Up Expenses
  • Medical Expenses
  • Inventory
  • More Deductions
  • Hiring Employees and Independent Contractors
  • Professionals Who Incorporate
  • How to Pay Business Expenses
  • IRS Audits
  • Record Keeping and Accounting
Objectives
  • To identify the tax deductions available
  • To recognize the differences between the various types of entities
  • To identify what qualifies as deductible business operating expenses
  • To identify the nuances of the pass-through tax deduction
  • To recognize the options available for tax treatment of travel expenses
  • To recognize what constitutes business travel
  • To identify the requirements for taking the home office deduction
  • To recognize how to report business office expenses
  • To recognize which depreciation methods are most applicable
  • To identify how start-up expenses will be deducted
  • To identify the specific tax consequence of health care coverage
  • To recognize what constitutes inventory
  • To identify the specifics of a wide variety of tax deductions
  • To recognize the differences between employees and independent contractors
  • To identify the reasons for incorporating
  • To identify the proper means of paying business expenses
  • To recognize what IRS audits are looking for
  • To recognize what the IRS expects in terms of documentation

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.