Schedule C of Form 1040 (Completed)

Date: Friday, May 7, 2021
Instructor: Allison McLeod
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

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.

Who Should Attend
This course is ideal for CPAs, EAs, or other tax professionals.

Topics Covered

  • Appropriate taxpayers who should be filing Schedule C
  • Difference between the cash and accrual method, and the correct period in which taxpayers must recognize income and/or deductions
  • Reporting the deduction of self-employed health insurance, employment taxes, home office deductions, and proper reporting of employee/independent contractor salaries. and retirement contributions
  • Types of typical deductions, such as advertising, utilities, supplies, etc.
  • Methods of deducting the cost of a company car
  • How to apply the rules

Learning Objectives

  • Identify the appropriate taxpayers who should be filing Schedule C
  • Differentiate between the cash and accrual method, and the correct period in which taxpayers must recognize income and/or deductions
  • Recognize how to develop 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
  • Describe types of typical deductions, such as advertising, utilities, supplies, etc.
  • Recognize how to determine the methods of deducting the cost of a company car
  • Identify how to 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

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

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