Introduction to Schedule C Self-Study
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. Schedule C (also known as Form 1040) is used to report income or loss from a business or profession practiced as a sole proprietor. 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 and expenses reported on Schedule C.
- Complete Schedule C.
- Complete Schedule SE, Self-Employment Tax.
- Determine the business use of a vehicle and the 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 and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.