Navigating Form 1040 Schedule C ON DEMAND
Available Until
Your Desk
3.0 Credits
Member Price $87.00
Non-Member Price $100.00
Overview
The gig economy is here to stay and intent on growing larger with each year. With that growth is the likely growth of tax preparers’ need to be familiar with preparation of Schedule C.
Highlights
When is a taxpayer considered self-employed. Business expenses. Business use of a home. Recordkeeping requirements. Schedule C, profit or loss from business.
Prerequisites
None.
Designed For
CPAs.
Objectives
Identify the factors included in the common law test used to determine a taxpayer’s status as self-employed. Recognize what constitutes business income. List the categories of taxpayers generally identified as “statutory employees”. Describe the tax treatment of installment sales whose gain is recognized under the installment method. Identify the role of the applicable federal rates in connection with the installment method. Identify the requirements that business expenses must meet to be deductible. Recognize the insurance expenses that a Schedule C taxpayer may deduct. Describe the difference between a business and a hobby. List the taxes and licenses that are deductible on Schedule C. Distinguish between the actual expense method and simplified method of figuring the home-office deduction. List the expenses normally deductible by taxpayers using a home for business purposes who use the actual expense method. Recognize the limits applicable to a home-office deduction.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Paul Winn, Western CPE
Paul Winn CLU ChFC is a writer with more than 30 years experience in the life insurance and securities industry as an agent/registered representative, an agency head, a marketing vice president for a life insurance company and the president of a corporate registered investment adviser. He was a long serving member of the advisory board to the New York State insurance department. He is a published book author and creator of more than 200 taxation, insurance and securities training courses.
Non-Member Price $100.00
Member Price $87.00