Tax Planning for Sole Proprietors & Other Business Owners 25-26
Webcast Only
8.00 Credits
Member Price $349.00
Non-Member Price $459.00
Overview
Individuals are leaving the workforce in droves due to retirement or resignation, and many are choosing to start their own businesses. This course explores the planning opportunities for those starting their own businesses or advising clients. Issues addressed include making sure you will be treated as a business, choice of entity, Schedule C deductions, depreciation, avoiding the self-employment tax, retirement plans, self-employed health insurance, employing family members, and loss limitations.
Highlights
- Using the independent contractor rules and hobby loss rules to ensure the activity is a trade or business
- Reviewing Schedule C deductions for travel, meals, transportation, employee fringe benefits, costs of goods sold, depreciation, and home offices
- Maximizing the benefits from 1040 deductions for Keogh plans, Solo 401(k)s, Simplified Employee Pension (SEP) plans, and SIMPLE plans
- Taking advantage of the self-employed health insurance deduction and the qualified business income (QBI) deduction
- Avoiding the at-risk and passive activity loss limitations
- Making the right business entity election
- I n-depth coverage of what advisers of sole proprietors and single-member limited-liability-company owners need to know
Prerequisites
None
Designed For
CPAs, financial advisers, attorneys and self-employed individuals.
Objectives
- Determine the risks and opportunities of starting your own business
- Recognize the requirements for the most-commonly claimed deductions, including transportation, employee fringe benefits, retirement plans, depreciation, and home offices
- Identify the importance of avoiding the at-risk and passive activity loss limitations and making the right business entity election
Preparation
None
Leader(s):
Leader Bios
James Gardner, CalCPA Education Foundation
Randy Gardner, J.D., LLM, MBA, CPA, CFP®, is a Professor of Tax and Financial Planning and Director of the Financial Planning Program at the University of Missouri, Kansas City. He is coauthor of the books, The Closing Wealth Transfer Window, 101 Tax Saving Ideas, and Tools and Techniques of Income Tax Planning. In 1997, the Missouri Society of CPAs recognized him as Educator of the Year. Professor Gardner has worked with hundreds of clients as a CPA and estate-planning attorney in Kansas and California. He serves on the Editorial Board of The Journal of Financial Planning and is a former member of the Council on Examinations of the Certified Financial Planner Board of Standards. He is a member of the AICPA and the Missouri Society of CPAs. He has written over 100 articles for publications such as The Journal of Financial Planning, Taxation for Accountants, Practical Tax Strategies and Tax Adviser.
Non-Member Price $459.00
Member Price $349.00