TAILIEUCHUNG - Lecture Taxation of individuals and business entities 2015 - Chapter 8: Business income, deductions, and accounting methods

After studying this chapter you will be able to: Describe the general requirements for deducting business expenses and identify common business deductions, apply the limitations on business deductions to distinguish between deductible and nondeductible business expenses, identify and explain special business deductions specifically permitted under the tax laws,. | Chapter 8 Business Income, Deductions, and Accounting Methods 1 Learning Objectives Describe the general requirements for deducting business expenses and identify common business deductions. Apply the limitations on business deductions to distinguish between deductible and nondeductible business expenses. Identify and explain special business deductions specifically permitted under the tax laws. Explain the concept of an accounting period and describe accounting periods available to businesses. Identify and describe accounting methods available to businesses and apply cash and accrual methods to determine business income and expense deductions. 2 Business income and deductions Schedule C – Trade or business income Includes revenue from services and sales activities. Gross profit from sales - cost of goods is a return of capital. Business income does not include excluded and deferred income. Deductions must be directly connected to business activity. Ordinary and necessary means .

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