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Introduction to Schedule C

 

Course Year: 2013
Course Level: Basic
Prerequisite: None
Advance Preparation: None
Delivery Method: Self-Study

CPE Credits Designation Field of Study
IRS * 8 EA Federal Tax Law Topic
NASBA 0 CPA N/A
CTEC 8 CRTP Federal Tax Law Topic
CFP Board 0 CFP® N/A

 

* NATP will report CPE credits to the IRS for all PTIN holders. CPE is currently not mandatory for RTRPs or RTRP candidates and any option to register or participate in this program is strictly voluntary.

 

Fees: $104 for Members and $120 for Nonmembers

Summary

This course is designed to help tax professionals who are new to sole proprietorship tax preparation. It focuses on individual income tax issues and the preparation of Schedule C, Profit or Loss from Business, and other major related forms. Also covered are business vehicles, business use of home and depreciation.  

Objectives
Upon completion of this course, the tax professional will be able to:

  • Determine whether a taxpayer’s activity is a hobby or a for-profit business venture.
  • Identify types of income reported on Schedule C and deductible business expenses.
  • Complete Schedule C, Profit or Loss From Business.
  • Complete Schedule SE, Self-Employment Tax.
  • Determine the business use of a vehicle.
  • Explain the vehicle use substantiation requirements.
  • Determine whether a taxpayer should claim standard mileage or actual vehicle expenses.
  • Explain the §179 expense election and limitations.
  • Identify allowable depreciation methods, including MACRS, GDS, ADS and bonus depreciation.
  • Complete Form 4562, Depreciation and Amortization.
  • Identify the factors used to determine eligibility for a deduction for business use of the home.
  • Complete Form 8829, Expenses for Business Use of Your Home.

For more information regarding refund, complaint and/or program cancellation policies, please contact our Member Services Department at 800.558.3402, ext. 3.

CPE Sponsor Information

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PO Box 8002, Appleton, WI 54912-8002 Phone: 800.558.3402 Fax: 800.747.0001

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