Learn how to prepare tax for self-employed business income covering accounting periods and methods appropriate to the business needs. Read more.
Robert (Bob) Steele CPA, CGMA, M.S. Tax, CPI
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Get Started with All Access PassBuy Only This CourseAbout This Course
Who this course is for:
- Accountants
- Bookkeepers
- Business owners
What you’ll learn:Â
- Tax preparation
- Self-employment tax calculation
Requirements:Â
- No prior knowledge is required to take this course
This course will center on tax planning for individuals with self-employment earnings, typically reported on a Schedule C.
We’ll explore each new concept from various perspectives, beginning with a presentation that delves into the topic, followed by a thorough examination of examples to understand the concepts in practical scenarios.
In the examples, we’ll use tax forms to solve problems and employ an accounting equation approach with Excel. This way, learners can understand the effects on an actual tax return and visualize the concepts through a tax formula.
Sole proprietorship income reported on Schedule C adds significant complexity to income tax preparation. In this course, we will begin by introducing the intricacies of Schedule C in relation to the tax return, identifying key areas that will change through practical examples.
Learners will gain insight into the calculation of self-employment tax in the presence of Schedule C income and learn how a portion of the self-employment tax can be incorporated as an adjustment to income.
The course will address accounting periods and methods, tailoring the discussion to the appropriate business requirements.
We will discuss how to report self-employed business income and calculate the cost of goods sold and gross profit if applicable.
Participants will learn the definition of a business expense, the process of reporting such expenses, and the prevalent categories of business expenditures. Numerous examples will be provided to reinforce these concepts.
We will explore the procedure for reporting expenses associated with the business use of your home, a deduction that can be substantial for numerous businesses.
Learn the complete series, and other accounting and finance courses, visit my profile to know more!
Our Promise to You
By the end of this course, you will have learned tax preparation for self-employed business income.
10 Day Money Back Guarantee. If you are unsatisfied for any reason, simply contact us and we’ll give you a full refund. No questions asked.
Get started today!
Course Curriculum
Section 1 - Self Employed Business Income Schedule C | |||
Resources - Tax Preparation 2022-2023 Part 4 - Self Employed Business Income | 00:00:00 | ||
6020 Sch. C Impact On Tax Return Software | 00:00:00 | ||
6040 Are You Self-Employed | 00:00:00 | ||
6060 Business Owned And Operated By Spouses | 00:00:00 | ||
6062 Business Owned And Operated By Spouses Example | 00:00:00 | ||
6080 Self-Employed – What You Need to Know | 00:00:00 | ||
6100 Sch. C What’s New | 00:00:00 | ||
6120 Sch. C Identification Numbers | 00:00:00 | ||
6130 Small Business - How To Pay Income Tax | 00:00:00 | ||
6140 Self-Employment (SE) Tax | 00:00:00 | ||
6142 Self-Employment (SE) Tax Example | 00:00:00 | ||
6160 Employment Taxes | 00:00:00 | ||
6162 Employment Taxes Example | 00:00:00 | ||
6180 Excise Taxes | 00:00:00 | ||
6200 Information Return | 00:00:00 | ||
6220 Accounting Periods And Methods Introduction | 00:00:00 | ||
6240 Accounting Methods Overview | 00:00:00 | ||
6260 Cash Method | 00:00:00 | ||
6280 Accrual Method | 00:00:00 | ||
6300 Combination Accounting Method | 00:00:00 | ||
6305 Inventory, Uniform Capitalization Rules And Changes In Accounting Method | 00:00:00 | ||
6380 Dispositions Of Business Property | 00:00:00 | ||
6382 Dispositions Of Business Property Example | 00:00:00 | ||
6400 Business Credits | 00:00:00 | ||
6420 Business Income Part 1 | 00:00:00 | ||
6425 Business Income Part 2 | 00:00:00 | ||
6452 Items That Are Not Income | 00:00:00 | ||
6455 Accounting For Your Income | 00:00:00 | ||
6490 How To Figure Cost Of Goods Sold | 00:00:00 | ||
6495 Figuring Gross Profit | 00:00:00 | ||
6497 Cost Of Goods Sold And Gross Profit Example | 00:00:00 | ||
6520 Business Expenses Introduction | 00:00:00 | ||
6525 Business Expenses Bad Debts | 00:00:00 | ||
6530 Business Expenses Car And Truck Expenses | 00:00:00 | ||
6532 Business Expenses Car And Truck Expenses Example | 00:00:00 | ||
6534 Depreciation Overview | 00:00:00 | ||
6535 Depreciation Office Home, Land, Excepted Property And Basis Adjustment | 00:00:00 | ||
6536 Depreciation Timing And Method | 00:00:00 | ||
6537 Depreciation - Patents And Copyrights, Computer Software, And Certain Created Intangibles | 00:00:00 | ||
6538 Depreciation - Election To Exclude Property From MACRS, Use Of Standard Mileage Rate | 00:00:00 | ||
6540 Section 179 Deduction Part 1 | 00:00:00 | ||
6541 Section 179 Deduction Part 2 How Much Can You Deduct | 00:00:00 | ||
6542 Section 179 Deduction Part 3 | 00:00:00 | ||
6543 Special Depreciation Allowance | 00:00:00 | ||
6546 Depreciation MACRS - Overview | 00:00:00 | ||
6547 MACRS Depreciation – Which Property Class Applies Under GDS | 00:00:00 | ||
6548 MACRS Depreciation – What Is The Basis For Depreciation | 00:00:00 | ||
6549 MACRS Depreciation – Which Recovery Period Applies | 00:00:00 | ||
6550 MACRS Depreciation – Which Convention Applies | 00:00:00 | ||
6551 MACRS Depreciation – Which Depreciation Method Applies | 00:00:00 | ||
6552 MACRS Depreciation – How Is The Depreciation Deduction Figured Part1 | 00:00:00 | ||
6553 MACRS Depreciation – How Is The Depreciation Deduction Figured Part 2 | 00:00:00 | ||
6554 MACRS Depreciation – Additional Rules For Listed Property | 00:00:00 | ||
6559 MACRS Depreciation Examples | 00:00:00 | ||
6562 MACRS Depreciation Examples Part 2 | 00:00:00 | ||
6564 Section 179 Deduction Examples | 00:00:00 | ||
6566 Special Depreciation Allowance Examples | 00:00:00 | ||
6570 Business Expenses Employees’ Pay | 00:00:00 | ||
6577 Business Expenses Insurance | 00:00:00 | ||
6578 Business Expenses Insurance And Payroll Expense Example | 00:00:00 | ||
6581 Business Expenses Interest | 00:00:00 | ||
6584 Business Expenses Legal And Professional Fees | 00:00:00 | ||
6588 Business Expenses Pension Plans | 00:00:00 | ||
6589 Business Expenses Pension Plans Example | 00:00:00 | ||
6590 Business Expenses Rent Expense | 00:00:00 | ||
6600 Business Expenses Tax | 00:00:00 | ||
6602 Business Expenses Tax Example | 00:00:00 | ||
6610 Business Expenses Travel and Meals | 00:00:00 | ||
6620 Business Use Of Your Home | 00:00:00 | ||
6622 Business Use Of Your Home Example | 00:00:00 | ||
6630 De Minimis Safe Harbor For Tangible Property | 00:00:00 | ||
6640 Expenses You Cannot Deduct | 00:00:00 | ||
6650 Figuring Net Profit or Loss | 00:00:00 | ||
6660 Figuring Self-Employment (SE) Tax | 00:00:00 | ||
6672 Reporting Self-Employment Tax Example | 00:00:00 |
About This Course
Who this course is for:
- Accountants
- Bookkeepers
- Business owners
What you’ll learn:Â
- Tax preparation
- Self-employment tax calculation
Requirements:Â
- No prior knowledge is required to take this course
This course will center on tax planning for individuals with self-employment earnings, typically reported on a Schedule C.
We’ll explore each new concept from various perspectives, beginning with a presentation that delves into the topic, followed by a thorough examination of examples to understand the concepts in practical scenarios.
In the examples, we’ll use tax forms to solve problems and employ an accounting equation approach with Excel. This way, learners can understand the effects on an actual tax return and visualize the concepts through a tax formula.
Sole proprietorship income reported on Schedule C adds significant complexity to income tax preparation. In this course, we will begin by introducing the intricacies of Schedule C in relation to the tax return, identifying key areas that will change through practical examples.
Learners will gain insight into the calculation of self-employment tax in the presence of Schedule C income and learn how a portion of the self-employment tax can be incorporated as an adjustment to income.
The course will address accounting periods and methods, tailoring the discussion to the appropriate business requirements.
We will discuss how to report self-employed business income and calculate the cost of goods sold and gross profit if applicable.
Participants will learn the definition of a business expense, the process of reporting such expenses, and the prevalent categories of business expenditures. Numerous examples will be provided to reinforce these concepts.
We will explore the procedure for reporting expenses associated with the business use of your home, a deduction that can be substantial for numerous businesses.
Learn the complete series, and other accounting and finance courses, visit my profile to know more!
Our Promise to You
By the end of this course, you will have learned tax preparation for self-employed business income.
10 Day Money Back Guarantee. If you are unsatisfied for any reason, simply contact us and we’ll give you a full refund. No questions asked.
Get started today!
Course Curriculum
Section 1 - Self Employed Business Income Schedule C | |||
Resources - Tax Preparation 2022-2023 Part 4 - Self Employed Business Income | 00:00:00 | ||
6020 Sch. C Impact On Tax Return Software | 00:00:00 | ||
6040 Are You Self-Employed | 00:00:00 | ||
6060 Business Owned And Operated By Spouses | 00:00:00 | ||
6062 Business Owned And Operated By Spouses Example | 00:00:00 | ||
6080 Self-Employed – What You Need to Know | 00:00:00 | ||
6100 Sch. C What’s New | 00:00:00 | ||
6120 Sch. C Identification Numbers | 00:00:00 | ||
6130 Small Business - How To Pay Income Tax | 00:00:00 | ||
6140 Self-Employment (SE) Tax | 00:00:00 | ||
6142 Self-Employment (SE) Tax Example | 00:00:00 | ||
6160 Employment Taxes | 00:00:00 | ||
6162 Employment Taxes Example | 00:00:00 | ||
6180 Excise Taxes | 00:00:00 | ||
6200 Information Return | 00:00:00 | ||
6220 Accounting Periods And Methods Introduction | 00:00:00 | ||
6240 Accounting Methods Overview | 00:00:00 | ||
6260 Cash Method | 00:00:00 | ||
6280 Accrual Method | 00:00:00 | ||
6300 Combination Accounting Method | 00:00:00 | ||
6305 Inventory, Uniform Capitalization Rules And Changes In Accounting Method | 00:00:00 | ||
6380 Dispositions Of Business Property | 00:00:00 | ||
6382 Dispositions Of Business Property Example | 00:00:00 | ||
6400 Business Credits | 00:00:00 | ||
6420 Business Income Part 1 | 00:00:00 | ||
6425 Business Income Part 2 | 00:00:00 | ||
6452 Items That Are Not Income | 00:00:00 | ||
6455 Accounting For Your Income | 00:00:00 | ||
6490 How To Figure Cost Of Goods Sold | 00:00:00 | ||
6495 Figuring Gross Profit | 00:00:00 | ||
6497 Cost Of Goods Sold And Gross Profit Example | 00:00:00 | ||
6520 Business Expenses Introduction | 00:00:00 | ||
6525 Business Expenses Bad Debts | 00:00:00 | ||
6530 Business Expenses Car And Truck Expenses | 00:00:00 | ||
6532 Business Expenses Car And Truck Expenses Example | 00:00:00 | ||
6534 Depreciation Overview | 00:00:00 | ||
6535 Depreciation Office Home, Land, Excepted Property And Basis Adjustment | 00:00:00 | ||
6536 Depreciation Timing And Method | 00:00:00 | ||
6537 Depreciation - Patents And Copyrights, Computer Software, And Certain Created Intangibles | 00:00:00 | ||
6538 Depreciation - Election To Exclude Property From MACRS, Use Of Standard Mileage Rate | 00:00:00 | ||
6540 Section 179 Deduction Part 1 | 00:00:00 | ||
6541 Section 179 Deduction Part 2 How Much Can You Deduct | 00:00:00 | ||
6542 Section 179 Deduction Part 3 | 00:00:00 | ||
6543 Special Depreciation Allowance | 00:00:00 | ||
6546 Depreciation MACRS - Overview | 00:00:00 | ||
6547 MACRS Depreciation – Which Property Class Applies Under GDS | 00:00:00 | ||
6548 MACRS Depreciation – What Is The Basis For Depreciation | 00:00:00 | ||
6549 MACRS Depreciation – Which Recovery Period Applies | 00:00:00 | ||
6550 MACRS Depreciation – Which Convention Applies | 00:00:00 | ||
6551 MACRS Depreciation – Which Depreciation Method Applies | 00:00:00 | ||
6552 MACRS Depreciation – How Is The Depreciation Deduction Figured Part1 | 00:00:00 | ||
6553 MACRS Depreciation – How Is The Depreciation Deduction Figured Part 2 | 00:00:00 | ||
6554 MACRS Depreciation – Additional Rules For Listed Property | 00:00:00 | ||
6559 MACRS Depreciation Examples | 00:00:00 | ||
6562 MACRS Depreciation Examples Part 2 | 00:00:00 | ||
6564 Section 179 Deduction Examples | 00:00:00 | ||
6566 Special Depreciation Allowance Examples | 00:00:00 | ||
6570 Business Expenses Employees’ Pay | 00:00:00 | ||
6577 Business Expenses Insurance | 00:00:00 | ||
6578 Business Expenses Insurance And Payroll Expense Example | 00:00:00 | ||
6581 Business Expenses Interest | 00:00:00 | ||
6584 Business Expenses Legal And Professional Fees | 00:00:00 | ||
6588 Business Expenses Pension Plans | 00:00:00 | ||
6589 Business Expenses Pension Plans Example | 00:00:00 | ||
6590 Business Expenses Rent Expense | 00:00:00 | ||
6600 Business Expenses Tax | 00:00:00 | ||
6602 Business Expenses Tax Example | 00:00:00 | ||
6610 Business Expenses Travel and Meals | 00:00:00 | ||
6620 Business Use Of Your Home | 00:00:00 | ||
6622 Business Use Of Your Home Example | 00:00:00 | ||
6630 De Minimis Safe Harbor For Tangible Property | 00:00:00 | ||
6640 Expenses You Cannot Deduct | 00:00:00 | ||
6650 Figuring Net Profit or Loss | 00:00:00 | ||
6660 Figuring Self-Employment (SE) Tax | 00:00:00 | ||
6672 Reporting Self-Employment Tax Example | 00:00:00 |