CPE Credits: 2
Course Level: Basic
Prerequisites: Basic Knowledge of Income Taxation
Advance Preparation: None
Fees: $49 for Members and $60 for Nonmembers
Summary
Determining deductible travel expenses can be a complex exercise for taxpayers, tax preparers, the IRS, and the courts. The issue of tax home location is the foundation upon which away-from-home travel expense deductions are built. This webinar provides guidance for determining the correct tax home under several different scenarios. We will cover circumstances where the taxpayer has a home office and distinguish under which circumstances mileage is deductible. The webinar also provides an overview of several recent tax home case developments in the courts. We also will cover the rules as they relate to the business use of vehicles.
Objectives
Upon completion of this webinar, you will be able to:
- Determine a taxpayer’s tax home.
Explain the relationship between tax home, main home, and main place of business and how it can affect travel expense deductions.
Distinguish between a temporary and indefinite job assignment.
Determine if it’s more beneficial to use the standard mileage rate or actual vehicle expenses.
Explain the advantages and disadvantages of leasing a vehicle as opposed to purchasing one.
Presenter: Steve O'Rourke, EA