Navigating Form 1040 Schedule C

Overview

The gig economy, an economy characterized by multiple types of alternative work arrangements including independent contractors, online platform workers, contract firm workers, on-call workers, and temporary workers, engages 36% of U.S. workers. Gallup, in its report, also estimates that 29% of all workers in the U.S. have an alternative work arrangement as their primary job.  The changing nature of work for many taxpayers is likely to have an effect on tax preparers' need to prepare Schedule C.

This course will help tax professionals navigate common questions they may receive about Schedule C. It reviews elements of proprietor income and examines the expenses—other than those associated with the business use of a taxpayer’s home—that a sole proprietor may deduct on Part II of Schedule C (Form 1040). 

Learning Objectives

Upon completion of the course, the student should be able to:

  • identify the types of income reported on Schedule C
  • determine proprietors' installment sale income when using the installment method
  • pinpoint the business expenses deductible on Schedule C
  • isolate the differences between a business and a hobby
  • apply the rules governing the deduction for business use of a taxpayer's home

Tax Year: 2023-2024


Designed For

CPAs, EAs, and other tax professionals

Advanced Preparation

None

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License or Certification

Regulator

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