Maximizing Credits, Income, Property and Cost Deductions.
Explore tax credits, income sources, property, costs, and expenses in "Income Tax 2023: Credits, Properties, Expenses & More." Learn how to optimize your tax situation through comprehensive discussions and practical examples.
Master the art of managing expenses and maximizing deductions.
Understanding which credits you qualify for can significantly reduce your tax liability. We cover various business credits, from general credits to specific incentives for investments, employment, energy, and more, explaining how to identify and claim them.
Mastering the nuances of business income and property is crucial. Explore different types of business income, including reporting 1099s and payment card transactions, handling bartering and property exchanges, and properly reporting income from various property types like real estate and personal property. Learn to distinguish between income and non-income items, including the intricate rules around canceled debt, appreciation, and construction allowances. Understand how to account for your income, including considerations for different accounting methods and advance payments.
Expenses are key to reducing taxable income. This course breaks down what constitutes deductible business expenses, focusing on the critical requirement of being ordinary and necessary. Get practical guidance on handling common yet complex expenses such as car and truck costs (comparing mileage vs. actual expense methods) and navigating the rules around bad debts. Understand the importance of properly accounting for business property dispositions, including figuring gains or losses and the complexities of depreciation recapture. For businesses with inventory, learn the step-by-step process for calculating your cost of goods sold and determining your gross profit.
By the end of this course, you will gain a solid understanding of these vital areas of income tax, empowering you to approach your 2023 tax filing with confidence and precision.
CPA, CGMA, M.S. Tax, CPI
Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his. Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA). Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software. In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible. Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks. Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business. Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster. Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts. The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video. Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge like CPDformula.
