EA Exam Prep Part 2: Schedule C Sample (Currently Unavailable)

Author: Eva Rosenberg

This is the sixth class of the EA Exam Prep Part 2 series. In this course, get hands on in preparing a Form 1040 Schedule C, and related forms, with guidance from the one and only TaxMama®. Review each piece of information provided to ensure accuracy. Interpret the data and look for inconsistencies, oddities, and other issues. Discover where Schedule C information originates. Find out which other tax forms are affected by Schedule C entries. Review each part of the Schedule C. Don’t just learn to prepare it, but learn to prepare it in the best way possible.

Publication Date: August 2019

Designed For
Tax practitioners of all levels, regardless of experience, who want to learn about income tax preparation and more. Excellent training for staff working in tax offices, accounting practices, and corporate settings, as well as independent bookkeepers. This course provides an in-depth look at a sample Form 1040 Schedule C. It is especially helpful to those with no hands-on experience preparing tax returns – and those who are returning to tax preparation after years in corporate or other jobs. This course is also designed to help CPAs earn their Enrolled Agent credential so they can practice anywhere in the country without re-certifying.

Topics Covered

• Things to consider prior to starting preparation
• Two types of taxpayers who use Schedule C
• Tax forms affected by Schedule C
• Looking beyond the information provided
• Communications with clients
• Suggestions for reducing tax liability
• Self-employment taxes
• NAICS business code
• Health insurance for Schedule C filers
• Assets and depreciation
• Estimated tax payments
• Self-employed retirement contributions
• Maximizing retirement contributions and reducing tax debt
• Vehicle expense

Learning Objectives

• Recognize how to interpret client provided information
• Recognize how to compile questions to gather further information from the client
• Identify how to complete Schedule C and related forms
• Identify strategies to reduce income tax owed
• Recognize the self-employment tax computation
• Identify transactions that do not belong on the Schedule C
• Identify how to maximize retirement contributions for the taxpayer

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None