This course will cover Travel, Entertainment, Gift and Transportation Expenses as either a business expense or as an employee business expense. You may be able to deduct the ordinary and necessary business-related expenses.

An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your business. An expense does not have to be required to be considered necessary.

This Course explains:

What expenses are deductible, how to report them on the return, what records you need to prove the expenses, and how to treat any expense reimbursements you may receive.

After completion of this course you will have a good understanding of each of these areas and how to report them on the return. IRC codes are referenced throughout

In addition we have included a recent Tax Court case Theodore Henderson Jr v Internal Revenue Service concerning substantiation of business expenses, ordinary and necessary expenses and activity for profit. Taxpayer lost this case. You can find this case in Appendix B following the main course material.

References: IRS Pub 463 IRC § 162 IRC§ 274 IRC §67 IRC §179