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Schedule C of Form 1040

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2.00 Credits

Member Price $89.00

Non-Member Price $89.00

Overview

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 event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

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

Prerequisites

None

Designed For

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

Objectives

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

Preparation

None

Non-Member Price $89.00

Member Price $89.00