Many self-employed or sole proprietors find themselves having to navigate Schedule C in reporting business income. While this attachment to Form 1040 seems straightforward on the surface, there are many traps for the unwary.
DESIGNED FOR
This course is ideal for CPAs, EAs, or other tax professionals.
BENEFITS
After attending this presentation, you will be able to...
- Identify the appropriate taxpayers who should be filing Schedule C
- Recognize the difference between the cash and accrual method, and the correct period in which taxpayers must recognize income and/or deductions
- Indicate a working knowledge of related issues, such as reporting the deduction of self-employed health insurance, employment taxes, home office deductions, and proper reporting of employee/independent contractor salaries, and retirement contributions
- Distinguish types of typical deductions, such as advertising, utilities, supplies, etc.
- Determine the methods of deducting the cost of a company car
- Apply the rules, such as Section 179 or bonus depreciation, which permit the immediate expensing of some or all of the cost of certain assets
HIGHLIGHTS
The major topics covered in this class include:
- When Schedule C applies
- Cash v. Accrual method
- Typical business deductions
- Business vehicle expenses
- Section 179 and bonus depreciation
COURSE LEVEL
Basic
PREREQUISITES
None
ADVANCE PREPARATION
None