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Tax Preparation 2022-2023 Part 4 - Self Employed Business Income

Learn how to prepare tax for self-employed business income covering accounting periods and methods appropriate to the business needs. Read more.

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Course Skill Level
Beginner
Time Estimate
22h 59m

Robert (Bob) Steele CPA, CGMA, M.S. Tax, CPI

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About This Course

Who this course is for:

  • Accountants
  • Bookkeepers
  • Business owners

What you’ll learn: 

  • Tax preparation
  • Self-employment tax calculation

Requirements: 

  • 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: 

  • Tax preparation
  • Self-employment tax calculation

Requirements: 

  • 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

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