Schedule C of Form 1040

Overview

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 event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Highlights

The major topics covered in this class include:

• When Schedule C applies
• Cash v. Accrual method
• Typical business deductions
• Business vehicle expenses
• Section 179 and bonus depreciation

Prerequisites

None

Designed For

This course is ideal for CPAs, EAs, or other tax professionals.

Objectives

After attending this presentation, you will be able to...

• Identify the appropriate taxpayers who should be filing Schedule C
• Recognize the difference between the cash and accrual method, and the correct period in which taxpayers must recognize income and/or deductions
• Indicate 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
• Distinguish types of typical deductions, such as advertising, utilities, supplies, etc.
• Determine the methods of deducting the cost of a company car
• 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