Learn tax preparation for the self-employed and some examples of business income and expenses. 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:
- Self-employed tax payers
- Accountants
- Business owners
What you’ll learn:Â
- The complexity of Schedule C, identifying the primary areas that will change using practical examples
- How self-employment tax is calculated when there is Schedule C income
- How to report business income
- What a business expense is
Requirements:Â
- No prior knowledge is required to take this course
This course will focus on tax preparation for taxpayers who have self-employment income 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.
Our Promise to You
By the end of this course, you will have learned the Schedule C on tax preparation.
 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 - Introduction | |||
| Sch. C Impact On Tax Return Software | 00:00:00 | ||
| Are You Self-Employed | 00:00:00 | ||
| Business Owned And Operated By Spouses | 00:00:00 | ||
| Business Owned And Operated By Spouses Software Example | 00:00:00 | ||
| Self-Employed - What You Need To Know | 00:00:00 | ||
| What's New | 00:00:00 | ||
| Sch. C Identification Numbers | 00:00:00 | ||
| Section 2 - Self Employment (SE) Tax, Employment Taxes, And Excise Taxes | |||
| Company Preferences Integrated Application And Items And Inventory | 00:00:00 | ||
| Self-Employment (SE) Tax Software Example | 00:00:00 | ||
| Employment Taxes | 00:00:00 | ||
| Employment Taxes Software Example | 00:00:00 | ||
| Excise Taxes | 00:00:00 | ||
| Section 3 - Information Returns, Accounting Periods, And Accounting Methods | |||
| Information Returns | 00:00:00 | ||
| Accounting Periods And Methods | 00:00:00 | ||
| Accounting Methods | 00:00:00 | ||
| Cash Method | 00:00:00 | ||
| Accrual Method | 00:00:00 | ||
| Combination Method | 00:00:00 | ||
| Inventories | 00:00:00 | ||
| Change In Accounting Method | 00:00:00 | ||
| Section 4 - Dispositions Of Business Property | |||
| Dispositions Of Business Property | 00:00:00 | ||
| Dispositions Of Business Property Software Example | 00:00:00 | ||
| Section 5 - General Business Credits | |||
| Business Credits | 00:00:00 | ||
| Section 6 - Business Income | |||
| Business Income Part 1 | 00:00:00 | ||
| Business Income Part 2 | 00:00:00 | ||
| Business Income Part 3 | 00:00:00 | ||
| Business Income Part 4 | 00:00:00 | ||
| Business Income Part 5 | 00:00:00 | ||
| Business Income Part 6 | 00:00:00 | ||
| Business Income Part 7 | 00:00:00 | ||
| Business Income Part 8 | 00:00:00 | ||
| Section 7 - How To Figure Cost Of Goods Sold And Gross Profit | |||
| How To Figure Cost Of Goods Sold | 00:00:00 | ||
| Figuring Gross Profit | 00:00:00 | ||
| Testing Gross Profit Accuracy | 00:00:00 | ||
| Section 8 - Business Expenses | |||
| Business Expenses Introduction | 00:00:00 | ||
| Bad Debts | 00:00:00 | ||
| Car And Truck Expenses | 00:00:00 | ||
| Car And Truck Expenses Software Example | 00:00:00 | ||
| Employees’ Pay | 00:00:00 | ||
| Insurance | 00:00:00 | ||
| Insurance Software Example | 00:00:00 | ||
| Interest | 00:00:00 | ||
| Legal And Professional Fees | 00:00:00 | ||
| Pension Plans | 00:00:00 | ||
| Pension Plans Software Example | 00:00:00 | ||
| Rent Expense | 00:00:00 | ||
| Tax | 00:00:00 | ||
| Tax Software Example | 00:00:00 | ||
| Travel And Meals | 00:00:00 | ||
| Section 9 - Business Use Of Your Home | |||
| Business Use Of Your Home | 00:00:00 | ||
| Business Use Of Your Home Software Example | 00:00:00 | ||
| Section 10 - Other Expenses You Can Deduct | |||
| De Minimis Safe Harbor for Tangible Property | 00:00:00 | ||
| Section 11 - Figuring Net Profit Or Loss | |||
| Figuring Net Profit Or Loss | 00:00:00 | ||
| Figuring Net Profit Or Loss Software Example | 00:00:00 | ||
| Section 12 - Self-Employment (SE) Tax | |||
| Self-Employment (SE) Tax | 00:00:00 | ||
| Reporting Self-Employment Tax | 00:00:00 | ||
| Reporting Self-Employment Tax Software Example | 00:00:00 | ||
About This Course
Who this course is for:
- Self-employed tax payers
- Accountants
- Business owners
What you’ll learn:Â
- The complexity of Schedule C, identifying the primary areas that will change using practical examples
- How self-employment tax is calculated when there is Schedule C income
- How to report business income
- What a business expense is
Requirements:Â
- No prior knowledge is required to take this course
This course will focus on tax preparation for taxpayers who have self-employment income 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.
Our Promise to You
By the end of this course, you will have learned the Schedule C on tax preparation.
 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 - Introduction | |||
| Sch. C Impact On Tax Return Software | 00:00:00 | ||
| Are You Self-Employed | 00:00:00 | ||
| Business Owned And Operated By Spouses | 00:00:00 | ||
| Business Owned And Operated By Spouses Software Example | 00:00:00 | ||
| Self-Employed - What You Need To Know | 00:00:00 | ||
| What's New | 00:00:00 | ||
| Sch. C Identification Numbers | 00:00:00 | ||
| Section 2 - Self Employment (SE) Tax, Employment Taxes, And Excise Taxes | |||
| Company Preferences Integrated Application And Items And Inventory | 00:00:00 | ||
| Self-Employment (SE) Tax Software Example | 00:00:00 | ||
| Employment Taxes | 00:00:00 | ||
| Employment Taxes Software Example | 00:00:00 | ||
| Excise Taxes | 00:00:00 | ||
| Section 3 - Information Returns, Accounting Periods, And Accounting Methods | |||
| Information Returns | 00:00:00 | ||
| Accounting Periods And Methods | 00:00:00 | ||
| Accounting Methods | 00:00:00 | ||
| Cash Method | 00:00:00 | ||
| Accrual Method | 00:00:00 | ||
| Combination Method | 00:00:00 | ||
| Inventories | 00:00:00 | ||
| Change In Accounting Method | 00:00:00 | ||
| Section 4 - Dispositions Of Business Property | |||
| Dispositions Of Business Property | 00:00:00 | ||
| Dispositions Of Business Property Software Example | 00:00:00 | ||
| Section 5 - General Business Credits | |||
| Business Credits | 00:00:00 | ||
| Section 6 - Business Income | |||
| Business Income Part 1 | 00:00:00 | ||
| Business Income Part 2 | 00:00:00 | ||
| Business Income Part 3 | 00:00:00 | ||
| Business Income Part 4 | 00:00:00 | ||
| Business Income Part 5 | 00:00:00 | ||
| Business Income Part 6 | 00:00:00 | ||
| Business Income Part 7 | 00:00:00 | ||
| Business Income Part 8 | 00:00:00 | ||
| Section 7 - How To Figure Cost Of Goods Sold And Gross Profit | |||
| How To Figure Cost Of Goods Sold | 00:00:00 | ||
| Figuring Gross Profit | 00:00:00 | ||
| Testing Gross Profit Accuracy | 00:00:00 | ||
| Section 8 - Business Expenses | |||
| Business Expenses Introduction | 00:00:00 | ||
| Bad Debts | 00:00:00 | ||
| Car And Truck Expenses | 00:00:00 | ||
| Car And Truck Expenses Software Example | 00:00:00 | ||
| Employees’ Pay | 00:00:00 | ||
| Insurance | 00:00:00 | ||
| Insurance Software Example | 00:00:00 | ||
| Interest | 00:00:00 | ||
| Legal And Professional Fees | 00:00:00 | ||
| Pension Plans | 00:00:00 | ||
| Pension Plans Software Example | 00:00:00 | ||
| Rent Expense | 00:00:00 | ||
| Tax | 00:00:00 | ||
| Tax Software Example | 00:00:00 | ||
| Travel And Meals | 00:00:00 | ||
| Section 9 - Business Use Of Your Home | |||
| Business Use Of Your Home | 00:00:00 | ||
| Business Use Of Your Home Software Example | 00:00:00 | ||
| Section 10 - Other Expenses You Can Deduct | |||
| De Minimis Safe Harbor for Tangible Property | 00:00:00 | ||
| Section 11 - Figuring Net Profit Or Loss | |||
| Figuring Net Profit Or Loss | 00:00:00 | ||
| Figuring Net Profit Or Loss Software Example | 00:00:00 | ||
| Section 12 - Self-Employment (SE) Tax | |||
| Self-Employment (SE) Tax | 00:00:00 | ||
| Reporting Self-Employment Tax | 00:00:00 | ||
| Reporting Self-Employment Tax Software Example | 00:00:00 | ||
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