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Cars: Expenses and Deductions (2006-2007)

CCH Editorial Staff

Automobile expenses are common business deductions. Yet, because of the complex nature of the Internal Revenue Code and ever-changing IRS regulations and rulings, taxpayers have to go to uncommon lengths to determine their maximum allowable deductions.

What is a correct deduction one year may be incorrect the next year due to changes in the law or changes in how the law is applied. This course clarifies how to best maximize automobile business deductions.

Five important areas are covered:

  • Employers
  • Employees and self-employed individuals
  • Fringe benefits
  • Purchases, sales and trade-ins
  • Recordkeeping

In addition to detailed, clear explanations and practical examples of how the tax law is applied, the course supplies you with the following helpful and necessary information:

  • Depreciation tables for electric and conventionally powered cars
  • Tables for determining what amount to include in income when a car is leased
  • Filled-in Form 2106 illustrating employee business deductions
Course Details
Price:  $72.00
Field of Study:  Taxes
Prerequisites:  None
Level:  Update
CTEC course number:  1075-CE-2127
Course was last updated on:  08/25/06
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Library:

Technical Requirements:
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Credit Available For: Units
CPE 6 CPE
QAS 6 CPE
CFP® (Accepted by the CFP Board) 6 CPE
Enrolled Agent (Accepted by the IRS) 6 CPE
CTEC Federal 6 CE

Note: Recommended CPE credit is based on a 50-minute hour. Participants earning credits for states that require self-study to be based on a 100-minute hour will receive half the recommended CPE credits for successful completion of this course.

Since Continuing Professional Education requirements vary from state to state and are subject to change without notice, please contact your state board of accountancy for information on your CPE requirements and the applicability of this course to meet those specifications.

CCH has been approved by the California Tax Education Council to offer courses that provide federal and state credit towards the annual "continuing education" requirement imposed by the State of California. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

User Reviews
Reviewer: Sandra L. submitted on 12/29/2007
continuing education and organization
Reviewer: KATHY F. submitted on 09/28/2007
The tax law citations, questions and examples.
Reviewer: George P. submitted on 09/27/2007
Well organized, succinct presentation of automobile issues that often scattered within parts of larger topics. i.e. within Tax Credits or Depreciation
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