Introduction to Schedule C Self-Study

Summary

This course provides tax preparers with the information needed to prepare sole proprietorship tax returns. The text focuses on assessing if the taxpayer is in a trade or business, or a hobby, which items of income are taxable and which expenses are deductible, along with the preparation of Schedule C, Profit or Loss from Business. Additional topics covered are business vehicles and deductions related to their use, business use of home, depreciation, the calculation of self-employment tax and the preparation of Schedule SE, Self-Employment Tax.

Objectives

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

• Determine whether a taxpayer’s activity is a hobby or a for-profit trade or business
• Identify types of income and expenses reported on Schedule C
• Prepare Schedule C and Schedule SE
• Determine the business use of a vehicle and the substantiation requirements
• Compare and contrast standard mileage and actual vehicle expenses
• Summarize the differences between MACRS, §179 and bonus depreciation, and prepare Form 4562, Depreciation and Amortization
• Determine home office eligibility and prepare Form 8829, Expenses for Business Use of Your Home

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.