Introduction to Schedule C
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.
Upon completion of this course, you 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.
- Identify deductible business expenses reported on Schedule C.
- Complete Schedule C, Profit or Loss From Business.
- Complete Schedule SE, Self-Employment Tax.
- Determine the business use of a vehicle.
- Apply the vehicle use substantiation requirements.
- Determine whether a taxpayer should claim standard mileage or actual vehicle expenses.
- Identify the §179 expense election and limitations.
- Identify allowable depreciation methods, including MACRS, GDS, ADS and bonus depreciation.
- Complete Form 4562, Depreciation and Amortization.
- Determine eligibility for a deduction for business use of the home.
- Complete Form 8829, Expenses for Business Use of Your Home.
This course includes an e-book. CPE is issued after exam is successfully completed.