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, ~3,514 words.

Deductible business taxes: state/local income, real estate, personal property, employer payroll, federal excise. Never deductible: federal income tax, fines/penalties, sales tax on assets (capitalize into basis), local benefit assessments. Employer FICA: 6.2% Social Security up to \$176,100 (2025) plus 1.45% Medicare on all wages, matched dollar for dollar by the...

What this lesson covers

• Content
• Example 1
• Example 2
• Common Mistakes
• Check Your Understanding
• Exam Shortcuts

Learning objectives

• 2

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