Lesson
Watch the Program – Full Session
Business Deductions
Learning preview · Local demonstration progress only · No CLE credit awarded
Simulated player and attendance. No real course progress, CLE credit, certificate or email is created.
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Before you begin: Business Deductions
Course approval, credit value, and attorney eligibility are unverified. This preview uses simulated attendance and issues no real credit, certificate, or email.
Reference wording shown for review. This is a simulation.
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The 30-second countdown is illustrative. Production prompt timing and randomization require the agreed CLE configuration. These controls let you test each state immediately.
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About this program
This is a preservation resource for professional study. Submission is not authorized, and the revised book makes no new credit determination. Tax attorney and CPA Peter Alizio joins Eugene Toussaint, Everett Hopkins, and musician-entrepreneur Mr. Biggs to examine the questions behind a purchase: what the business obtained, why it needed it, when the cost may be recovered, and which records support the treatment.
The recorded conversation discusses the 2019 tax year and uses production expenses as practical examples. The October 10, 2026 preservation edition separates those historical comments from dated written analysis of business purpose, personal use, startup costs, capitalization, depreciation, payments to workers, entity questions, and loss limitations. Its fictional for-profit businesses do not describe the tax affairs of Attorneys with Swag Inc., a nonprofit organization.
The Studio North file provides source records, a reconciled inventory and expense analysis, a completed client recommendation, and an action ledger that distinguishes finished work from future filing tasks. An independent problem tests the method under changed business-use and timing facts. The twelve video entries follow the October 13 guide for the full episode. The final two cover a separate police-stop discussion and remain outside this tax resource’s instructional scope.
What you will learn
- Distinguish a business deduction from a credit, refund, and personal itemized deduction.
- Apply business-purpose, personal-use, timing, and substantiation rules to specific purchases.
- Compare current expensing, startup amortization, capitalization, and depreciation.
- Identify worker-classification, reporting, and entity-tax issues raised by the same transaction.
- Trace a business loss through basis, at-risk, passive-activity, and other limitations.
- Prepare a documented client recommendation and identify payment or notice deadlines.
Who this course is for
Attorneys advising small businesses, self-employed professionals, and creative enterprises.
Preparation
Review the difference between business revenue, an expense, and an asset. The course explains its tax vocabulary; no earlier episode is needed.
Course information
- Practice focus:
- Identify the taxpayer, business purpose, amount, transaction year, supporting records, and limitations before recommending tax treatment.
- Format:
- Recorded discussion with companion written study
- Producer:
- Attorneys with Swag Learning Center
- Learning partnership:
- Latino Lawyers Association of Queens County
- Materials:
- 72-page coursebook · Preservation review edition 4 · 2026-10-10 · Quality revision Q1 · 2026-10-12
- Proposed CLE request:
- Proposed: 0.5 CLE credit · Areas of Professional Practice
Approval not verified · No credit awarded
Before you watch
Preservation resource; submission not authorized. The recorded discussion concerns the 2019 tax year. The October 2026 written edition dates its examples and does not confer independent legal adoption, faculty or partner approval, or media verification.
The recording and written materials are educational resources. Use current authority and the facts of a particular matter before applying the discussion in practice. The intended audience is not a determination of CLE eligibility.
Course materials and practice exercise
Materials and study guide
Preservation review edition 4 · 2026-10-10 · Quality revision Q1 · 2026-10-12 · 72 pages. Available to read, save, or print.
Open Business Deductions coursebook (PDF) ↗The 72-page preservation review edition 4 contains ten chapters, the completed Studio North source file and calculations, client advice and action ledger, an independent exercise with a reasoned answer, six reusable worksheets, a glossary, and linked authorities. Submission is not authorized. Examples are dated fictional teaching records, including simulated events after the edition date.
Coursebook chapters
These are written chapters. The Segments tab follows the episode timeline.
- What a deduction actually does — pp. 8–11
- Ordinary, necessary, and actually business — pp. 12–14
- Starting up, buying assets, and choosing the year — pp. 15–22
- Purchases, props, and merchandise — pp. 23–28
- Meals, travel, and the mileage record — pp. 29–33
- Paying people and choosing a structure — pp. 34–38
- A loss is not automatically usable — pp. 39–43
- Records that can support the return — pp. 44–47
- Estimated payments, notices, and professional help — pp. 48–51
- The Studio North case file — pp. 52–60
Questions for closer study
- For one purchase discussed in the episode, identify the business purpose, the supporting receipt or record, and any personal use that would need to be separated.
- Which facts would you need before deciding whether equipment belongs in a current expense discussion or a capitalization and depreciation discussion?
- Compare the compliance tasks the speakers associate with a single-owner business and an S corporation.
- In the partnership example, distinguish who receives an allocation of loss from who has money or liability at risk.
- For the shirts, distinguish units sold, given away, taken for personal use and retained for sale. Which additional facts govern sales or use tax, especially when an item is bundled with admission?
Identify the taxpayer, business purpose, amount, transaction year, supporting records, and limitations before recommending tax treatment.
Reconcile Studio North’s source records with the inventory, expense, profit, and deferred-cost schedules. Compare the completed advice and action ledger, then solve the independent file and its business-use and placed-in-service variations before reading the answer.
Study prompts support discussion; they do not establish CLE approval.