After successfully completing this course, you 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 or 1099-NEC
• 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: 2022