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Tax Preparation 2021-2022 Part 4: Self Employed Business Income - Schedule C
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1 STUDENTS
12h 13m

Learn tax preparation for the self-employed and some examples of business income and expenses.

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Course Skill Level
Beginner
Time Estimate
12h 13m

Instructor

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


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About This Course

Who this course is for:

  • Self-employed tax payers
  • Accountants
  • Business owners

What you’ll learn: 

  • 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: 

  • 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