Schedule C of Form 1040 (Completed)

Many self-employed or sole proprietors find themselves having to navigate Schedule C in reporting business income. While this attachment to Form 1040 seems straightforward on the surface, there are many traps for the unwary. This course is ideal for CPAs, EAs, or other tax professionals.

Who Should Attend
This course is suitable for Corporate tax and finance executives, directors, managers and staff, CPAs, CAs Enrolled Agents, accountants, attorneys and business/financial advisors who work with and advise businesses and individuals that have these tax implications. All in-house and public practice tax professionals will benefit from this timely and insightful seminar.

Topics Covered

• When Schedule C applies
• Cash v. Accrual method
• Typical business deductions
• Business vehicle expenses
• Section 179 and bonus depreciation

Learning Objectives

• Identify the appropriate taxpayers who should be filing Schedule C
• Differentiate between the cash and accrual method, and the correct period in which taxpayers must recognize income and/or deductions
• Develop a working knowledge of related issues, such as reporting the deduction of self-employed health insurance, employment taxes, home office deductions, and proper reporting of employee/independent contractor salaries. and retirement contributions
• Describe types of typical deductions, such as advertising, utilities, supplies, etc.
• Recognize how to determine the methods of deducting the cost of a company car
• Be able to apply the rules, such as Section 179 or bonus depreciation, which permit the immediate expensing of some or all of the cost of certain assets.

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None