1040 Schedule C

Overview

Schedule C is applicable to many different types of businesses. Clients vary in the range of income and types of deductions; however, the basic concepts are the same. All income must be reported on the tax return, and all expenses need to be ordinary and necessary in order to claim a deduction.

This course is focused on Schedule C, including a business between a husband and wife (qualified joint venture) and a single-member limited liability company (SMLLC). It will discuss requirements to start a business, recordkeeping for income and expenses, required input for questions on Schedule C, business expenses, home office deduction, self-employment tax, and hobby losses.

Learning Objectives

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

  • recognize the requirements and recommendations for the keeping of different types of business records
  • identify payments made by a Schedule C business that should be reported on Form 1099-MISC
  • identify the types of items that are reported as gross receipts or sales, and the locations for reporting returns and cost of goods sold
  • identify expenses incurred by a business that can be categorized as start-up costs, and the two methods that may be used to deduct those costs
  • identify business expenses that can be deducted under categories including legal and professional fees, meals and entertainment, repairs and maintenance, taxes and licenses, utilities, wages and costs of goods sold
  • identify the two methods available for calculating the home office deduction and determine which method is more advantageous to individual clients in given cases

Tax Year: 2019

Designed For

Tax professionals working with the various forms of sole proprietorships and Schedule C requirements.

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