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You are here: Home Course materials CPE course study guides 102719: Small Business Taxes 2019 Study Guide

102719: Small Business Taxes 2019 Study Guide

The study guide is provided to guide you through the course material in a step by step format.

Reading assignments are for Small Business Taxes 2019.

1) Organization

Reading Assignment: Part 1 <<>> Review Questions: # 1-3

The learning objectives for this lesson are to gain an understanding of:

  • Business Organization.
  • Tax Year and Accounting Methods.
  • Recordkeeping for Business Income and Deductions.

2) Business Income and Losses

Reading Assignment: Part 2 <<>> Review Questions: # 4-12

The learning objectives for this lesson are to gain an understanding of:

  • Income or Loss from Business Operations.
  • Capital Gains and Losses.
  • Gains and Losses from Sales of Business Property.

3) Business Deductions and Credits

Reading Assignment: Part 3  <<>> Review Questions: # 13-45

The learning objectives for this lesson are to gain an understanding of:

  • Employee Compensation: Salary, Wages, and Employee Benefits.
  • Travel, Meals, and Gift Expenses.
  • Car and Truck Expenses.
  • Repairs, Maintenance, and Energy Improvements.
  • Bad Debts.
  • Rents.
  • Taxes and Interest.
  • First-Year Expensing, Depreciation, Amortization, and Depletion.
  • Advertising Expenses.
  • Retirement Plans.
  • Casualty and Theft Losses.
  • Home Office Deductions.
  • Medical Coverage.
  • Deductions and Tax Credits for Farmers.
  • Qualified Business Income Deduction.
  • Miscellaneous Business Deductions.
  • Roundup of Tax Credits

4) Tax Planning For Your Small Business

Reading Assignment: Part 4  <<>> Review Questions: # 46-53

The learning objectives for this lesson are to gain an understanding of:

  • Income and Deduction Strategies.
  • Tax Strategies for Opening or Closing a Business.
  • Tax Strategies for a Sideline Business.
  • Tax Strategies for Multiple Businesses.
  • Alternative Minimum Tax.
  • Other Taxes.
  • Filing Income Tax Returns and Paying Taxes.
  • Retirement and Succession Planning.

  • Working with CPAs and Other Tax Professionals.
  • Handling audits with the IRS.

5) Appendixes A-D:  Information Returns, Penalties, etc.

Reading Assignment: Appendixes A-D  <<>> Review Question: # 54

The learning objectives for this lesson are to gain an understanding of:

  • Information returns that a business may need to prepare.
  • Tax penalties.
  • Checklist of tax-related corporate resolutions.
  • List of dollar limits and amounts adjusted for inflation.

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