Managing client vehicle expenses is challenging due to mileage deductions, depreciation methods, documentation rules, and various credits. This course enhances your ability to qualify and claim deductions for business vehicles, using practical examples and IRS guidance. It covers usage qualification, expense calculations, forms, records substantiation, asset dispositions, tax credits, incentives, and compliance, helping you save clients money and adhere to laws.

• Identify the types of work-related car and truck expenses that may qualify for deduction by a taxpayer and the available general methods that may be made to claim those expenses
• Identify the types of deduction that a taxpayer may qualify to claim under the heading of depreciation for a car or truck that the taxpayer uses for business purposes
• Identify situations and circumstances where a taxpayer may have to recognize a gain or loss on the disposition of a vehicle that has been used for business purposes
• Given appropriate taxpayer records, correctly calculate the taxpayer's available deduction for motor vehicle expenses and identify the correct form(s) for reporting the deduction to the IRS
• Identify the main characteristics of the vehicles that may qualify for each of the three motor vehicle tax credits that were available during the 2023 tax year

Tax Year: 2023

CPAs, EAs, and other tax professionals