Webinar: Schedule C of Form 1040
WB706 | Course | Basic | Scheduled
Description
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.
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com.
Credits
| Number of Credits | Type of Credits |
|---|---|
| 2.00 | Taxes |
Designed For
This course is ideal for CPAs, EAs, or other tax professionals.
Prerequisites
None
Highlights
- When Schedule C applies
- Cash v. Accrual method
- Typical business deductions
- Business vehicle expenses
- Section 179 and bonus depreciation
Objectives
- Identify the appropriate taxpayers who should be filing Schedule C
- Discuss the difference between the cash and accrual methods, 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
- Discuss types of typical deductions, such as advertising, utilities, supplies, etc.
- 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
Preparation
None
Notes
This webcast is provided by ACPEN. After registering for the course, you will receive an email from ACPEN with instructions for logging in to the webcast and obtaining your eMaterials.
Prices
- Member (Early Bird)
- $79.00
- Non-Member (Early Bird)
- $109.00
- Member
- $79.00
- Non-Member
- $109.00