US Business Taxation: Business Income, Master U.S. Business Income Taxation — Learn Gross Income, COGS, Net Income & IRS Rules with Real-World Examples.
Course Description
If you work in tax and want to understand how business income is taxed in the U.S., this course is for you. We break down complex tax topics into easy-to-follow lessons that help you apply U.S. tax rules confidently.
You’ll learn how to calculate gross income, cost of goods sold (COGS), and net income for businesses. We’ll also talk about other income sources like rent, royalties, and interest — and explain how the cancellation of debt affects business taxes.
This course is based fully on the Internal Revenue Code (IRC) and helps you stay up to date with IRS rules. Whether you’re a tax professional, enrolled agent, or preparing for an exam, you’ll gain practical knowledge that you can use right away.
What You’ll Learn
- How U.S. business income works under tax law
- What counts as gross receipts and how to report them
- How to calculate COGS step by step
- How to figure out net income or loss
- What to do with other income like rent or interest
- How to handle cancellation of debt (COD) and its tax impact
Course Breakdown
Video 1: Overview
- Introduction to U.S. business income
- Key tax terms made simple
Video 2: Gross Receipts
- What is included in gross receipts
- Real-life examples of business income
Video 3: Cost of Goods Sold (COGS)
- What’s included in COGS
- How to calculate it for tax returns
Video 4: Net Income, Loss Limitations & At-Risk Rules
- How to report net income or losses
- IRS rules on loss limitations and at-risk amounts
Video 5: Other Income
- Types of income: rent, royalties, interest, and more
- How these are taxed under the IRC
Video 6: Cancellation of Debt (COD)
- What COD means for businesses
- When it becomes taxable and what to watch out for
Who This Course Is For
- Tax professionals and enrolled agents
- CPA and EA exam candidates
- Business consultants and tax advisors
- Anyone who wants to learn U.S. business income tax in a clear, practical way
Requirements
- Basic understanding of U.S. taxation
- No need for accounting knowledge — this course focuses only on tax rules.
