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

What you will 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

Description

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.


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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.

English
language

Content

Introduction

Introduction
315 Tax Forms & Line Items Involved
Documents to Download for Reference
318 Sch. C Data Entry
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Are Your Self-Employed?

321 Are You Self-Employed
PDF – 324 Business Owned and Operated by Spouses
324 Business Owned and Operated by Spouses
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What’s New for 2018

PDF – 327 What’s New for 2018
327 What’s New for 2018
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Identification Numbers

PDF – 331 Identification Number
331 Identification Number
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Self-Employment (SE) Tax

PDF – 334 Self-Employment (SE) Tax
334 Self-Employment (SE) Tax
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Which Forms Must I File?

PDF – 337 Which Forms Must I File
337 Which Forms Must I File
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Employment Taxes

PDF – 341 Employment Taxes
341 Employment Taxes
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Accounting Periods and Methods

PDF – 344 Accounting Periods and Methods Introduction
344 Accounting Periods and Methods Introduction
PDF – 347 Accounting Methods Cash Method
347 Accounting Methods Cash Method
PDF – 351 Accounting Methods Accrual Method
351 Accounting Methods Accrual Method
PDF – 355 Accounting Methods Combination Method
355 Accounting Methods Combination Method
PDF – 358 Accounting Methods Inventories
358 Accounting Methods Inventories
PDF – 361 Change in Accounting Method
361 Change in Accounting Method
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Business Income

PDF – 364 Business Income Introduction
364 Business Income Introduction
PDF – 367 Business Income Kinds of Income
367 Business Income Kinds of Income
PDF – 371 Business Income – Kinds of Income Bartering for Property or Services
371 Business Income – Kinds of Income Bartering for Property or Services
PDF – 374 Real Estate Rents
374 Real Estate Rents
PDF – 377 Personal Property Rents
377 Personal Property Rents
PDF – 381 Items That Are Not Income
381 Items That Are Not Income
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Guidelines for Selected Occupations

PDF – 384 Guidelines for Selected Occupations
384 Guidelines for Selected Occupations
PDF – 387 Accounting for Your Income
387 Accounting for Your Income
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How To Figure Cost of Goods Sold

PDF – 391 How To Figure Cost of Goods Sold Introduction
391 How To Figure Cost of Goods Sold Introduction
PDF – 394 Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42
394 Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42
PDF – 397 Inventory at Beginning of Year
397 Inventory at Beginning of Year
PDF – 401 Purchases Less Cost of Items Withdrawn for Personal Use
401 Purchases Less Cost of Items Withdrawn for Personal Use
PDF – 404 How To Figure Cost of Goods Sold Cost of Labor
404 How To Figure Cost of Goods Sold Cost of Labor
PDF – 407 How To Figure Cost of Goods Sold Materials and Supplies, Other Costs,
407 How To Figure Cost of Goods Sold Materials and Supplies, Other Costs, Invent
PDF – 411 Figuring Gross Profit
411 Figuring Gross Profit
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Business Expenses

PDF – 414 Business Expenses Introduction
414 Business Expenses Introduction
PDF – 417 Car and Truck Expenses
417 Car and Truck Expenses
PDF – 421 Car and Truck Expenses
421 Car and Truck Expenses
PDF – 424 Depreciation
424 Depreciation
427 Example – Depreciation
PDF – 427 Employees’ Pay
427 Employees’ Pay
427 Example – Employees’ Pay
PDF – 431 Insurance
431 Insurance
PDF – 432 Example Insurance
432 Example Insurance
PDF – 434 Interest Expense
434 Interest Expense
PDF – 437 Legal and Professional Fees
437 Legal and Professional Fees
PDF – 441 Pension Plans
441 Pension Plans
PDF – 444 Rent Expense
444 Rent Expense
PDF – 447 Taxes Deduction
447 Taxes Deduction
PDF – 451 Travel and Meals Deduction
451 Travel and Meals Deduction
PDF – 454 Business Use of Your Home
454 Business Use of Your Home
PDF – 455 Example – Business Use of Your Home
455 Example – Business Use of Your Home
PDF – 457 De Minimis Safe Harbor for Tangible Property
457 De Minimis Safe Harbor for Tangible Property
PDF – 461 Other Expenses You Can Deduct
461 Other Expenses You Can Deduct
PDF – 464 Expenses You Cannot Deduct
464 Expenses You Cannot Deduct
PDF – 467 Figuring Net Profit or Loss
467 Figuring Net Profit or Loss
PDF – 471 Excess Business Loss Limitation
471 Excess Business Loss Limitation
PDF – 474 Net Operating Losses (NOLs)
474 Net Operating Losses (NOLs)
PDF – 477 Not-for-Profit Activities
477 Not-for-Profit Activities
PDF – 481 Who Must Pay SE Tax
481 Who Must Pay SE Tax
PDF – 484 Special Rules and Exceptions
484 Special Rules and Exceptions
PDF – 487 Figuring Earnings Subject to SE Tax
487 Figuring Earnings Subject to SE Tax
PDF – 491 Figuring Earnings Subject to SE Tax Regular Method
491 Figuring Earnings Subject to SE Tax Regular Method
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