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Introduction to Schedule C & E Self-Study

Summary

This course is ideal for the tax preparer who knows the basics of tax preparation, but now realizes there are a seemingly never-ending number of tax forms and concepts to learn to take their skills to the next level. This course introduces and breaks down core tax concepts beyond the basics. You'll learn, through the text and hands-on preparation, how to navigate the client’s records and prepare a return for a sole proprietorship, a rental property activity and pass-through income from Schedule K-1s. The ability to prepare these types of activities will increase your value as a tax professional.

Objectives

Upon completion of this course, you will be able to:

  • Calculate basis of assets, know what causes basis adjustments and how to make them
  • Articulate the importance of basis tracking by the tax professional
  • Determine material participation in an activity and why this is important
  • Differentiate between taxation of passive income and nonpassive income
  • Identify when assets are depreciated and how to calculate depreciation including bonus and §179 expensing
  • Identify the difference between a deductible repair and a depreciable improvement
  • Determine what qualifies as QBI and calculate the QBID
  • Determine business use of home eligibility and calculate the deduction
  • Determine whether a taxpayer’s activity is a hobby or a for-profit business venture
  • Complete Schedule C, Profit or Loss From Business
  • Complete Schedule SE, Self-Employment Tax
  • Complete Form 4562, Depreciation and Amortization
  • Complete Form 8829, Expenses for Business Use of Your Home
  • Identify and report rental income and allowable rental expenses
  • Determine the depreciable basis of property used in a rental activity
  • Apply the vacation home rules
  • Determine eligibility for the special $25,000 loss allowance
  • Recognize who meets the qualifications to be a real estate professional
  • Identify when a rental is eligible for the QBID
  • Analyze royalty income to determine whether to report on Schedule E or Schedule C
  • Calculate the shareholder’s stock and debt basis in the S corporation
  • Determine how much of a pass-through loss is deductible after applying the basis, at-risk and passive activity limitations
  • Report various pass-through items from Schedule K-1 from a partnership and S corporation on Form 1040, and applicable schedules
  • Complete Form 8995, Qualified Business Income Deduction Simplified Computation
  • Course Details

    This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.






       

    Presented by:

How to Earn CPE

To receive credit for this self-study course, you must successfully pass the course exam with a score of 70% or better.

Self-study courses and exams generally expire one year from the date of purchase. The AFTR course expires on December 31 of each year as required by the IRS.

Cancellation Policy

​Because this is an online education offering, it is nonrefundable.

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