Income Tax – Schedule C Small Business Sole Proprietor

Small business, schedule C income tax preparation using actual tax forms for examples including form 1040, Schedule SE

What you'll learn:

• What It Means to Be Self-Employed
• How to Report Self Employment Income
• Filing and Paying Business Taxes
• Identification Numbers Including EIN Number
• Self-Employment (SE) Tax
• Employment Taxes
• Accounting Periods and Methods
• Business Income & Expenses
• How To Figure Cost of Goods Sold
• Car and Truck Expenses
• Depreciation Expense
• Employees' Pay Expense
• Insurance Expense
• Interest Expense
• Legal and Professional Fees Expense
• Rent Expense
• Pension Plans Expense
• Taxes Expense
• Travel and Meals Expense
• Business Use of Your Home
• Other Expenses You Can Deduct

This course will focus on tax preparation for taxpayers who have self-employment incomed generally reported on a Schedule C.

We will look at each new concept from multiple angles, starting with a presentation discussing the topic and then looking at examples to better understand the concepts in action.

The example section will use tax forms to work problems and an accounting equation method using Excel so learners will understand the impact on the actual tax return and visualize the concepts using a tax formula.

Sole proprietorship income reported on Schedule C adds significant complexity to income tax preparation. This course will start by introducing the complexity of Schedule C to the tax return, identifying the primary areas that will change using practical examples.

Learners will understand how self-employment tax is calculated when there is schedule C income and how part of the self-employment tax may be included as an adjustment to income.

The course will cover the accounting periods and methods that may be appropriate depending on the business needs.

We will discuss how to report business income and calculate the cost of goods sold and gross profit if applicable.

Learners will understand what a business expense is, how to report business expenses, and the most common categories of business expenses. We will show many examples to solidify the concepts.

We will learn how to report expenses related to the business use of your home, which can be a significant deduction for many businesses.