Taxes, Casualty, Home Office, QBI, NOL, General Business Credits
Free IRS Enrolled Agent SEE Part 2 (Businesses) lesson in Business Tax Preparation. 23 min read, ~3,495 words.
Deductible business taxes: state/local income, real estate, personal property, employer payroll, federal excise. Never deductible: federal income tax, fines/penalties to government, sales tax on assets (capitalize into basis), local benefit assessments. Business casualty losses (ยง165) are NOT subject to the federally declared disaster restriction or the \$100 / 10% AGI...
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What this lesson covers
- Content
- Example 1
- Example 2
- Common Mistakes
- Key Takeaways
- Exam Shortcuts
Learning objectives
- 2
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