Schedule C of Form 1040

Overview

Description:

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

Learning Objectives:

After attending the presentation you will be able to...

• Identify the appropriate taxpayers who should be filing Schedule C.
• Discuss the difference between the cash and accrual method, and the correct period in which taxpayers must recognize income and/or deductions.
• 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.
• Discuss types of typical deductions, such as advertising, utilities, supplies, etc.
• Determine the methods of deducting the cost of a company car.
• Be able 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.

Program Content:

The major topics that will be covered in this class include:

• Schedule C
• Business Deductions
• Self-employment taxes
• Business use of a vehicle
• Section 179 and Bonus Depreciation

Who should attend: This course is ideal for CPAs, EAs, or other tax professionals.

Developed By: Allison M. McLeod, LL.M., CPA. A PLLC

Instructor: Allison M. McLeod, LL.M., CPA

CPE Credit: 2.0

Field of Study: Taxes (2 CPE)

Prerequisites: None

Advanced Preparation: None

Format: QAS Self Study

Highlights

• Schedule C Business Deductions
• Self-employment taxes
• Business use of a vehicle
• Section 179 and Bonus Depreciation

Prerequisites

None

Designed For

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

Objectives

• Identify the appropriate taxpayers who should be filing Schedule C.
• Discuss the difference between the cash and accrual method, and the correct period in which taxpayers must recognize income and/or deductions.
• 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.
• Discuss types of typical deductions, such as advertising, utilities, supplies, etc.
• Determine the methods of deducting the cost of a company car.
• Be able 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.

Preparation

None