Form 1040 Schedule C ( Updated 2020 )

Course Details

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Course Description

Many self-employed or sole proprietors find themselves having to navigate Schedule C in reporting business income.  While this attachment to Form 1040 seems straightforward on the surface, there are many traps for the unwary. The focus of this two CPE hour course is on Schedule C of Form 1040 (sole proprietorship tax returns). Schedule C is applicable to those who file the basic Form 1040, as well as seniors age 65 and older who file Form 1040-SR instead of the basic 1040.

Connect with us as our world – class tax instructors share knowledge in a high – energy, using real life experiences, which helps you understand complex topics in easy manner. 

This course is ideal for CPAs, EAs, or other tax professionals.

Learning objectives

  • Identify which taxpayer has to file Schedule C
  • Explain the difference between the cash and accrual method, and the right period in which taxpayers must know income and/or deductions.
  • Develop a working knowledge of related issues, such as reporting the deduction of self-employed health insurance, employment taxes, home office deductions, and proper reporting of employee/independent contractor salaries and retirement contributions.
  • Recognize different types of typical deductions, such as advertising, utilities, supplies, etc.
  • Identify the methods of deducting the cost of a company car.

About Presenter

Mike Goossen

Advisor, Columns4success

mike@gmail.com

Mike has more than 30 years of experience as a CPA. As Vice President at Entigrity Remote Staffing, he has advised 500+ accounting firms in leveraging remote working and offshore staffing for higher growth and profitability. He is also the author of “Principles of High Performance Leadership”


Columns 4 Success is the result of 30 years of Business experience and ongoing education since I graduated from Fresno State in 1984. Through out those years it has been proven that successful organizations have four things in place. These four things are Leadership, Strategic Focus, Employee Development and Sound Financial Management. I call them Columns 4 Success.

Our mission is to bring life and business into balance through leadership development, strategic planning, employee development and sound financial management for business owners, executive's and the people they lead.

FAQ

  • To receive CPE credit for the event, you must register for the webcast prior to the start of each program.
  • CPE is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete webinar and respond to all polling questions asked during the webinar. CPE is issued on 50 minute credit hour basis.
  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you are Canadian Chartered Professional Accountant (CPA) many of our courses qualifies for your verifiable CPD requirements you will get your certificate for the program. You can check a tab of “Webinar Qualifies for” for the same.However please do verify with respective regulatory body about the eligibility for the same.
  • Many of our courses are approved by “CFP Board” for CE credits of certified financial Planner(CFP). Please check a tab of “Webinar Qualifies for” to verify whether webinar qualifies for CE credits for CFP or not.

Refund/Cancellation Policy

For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128

In case any of the course or live webinars gets cancelled we would be refunding you the entire amount (if paid).

Reviews

4.5
(464)
60%
32%
5%
2%
1%
  • MG
    Mario Guglielmi , EA
    Jul 6th 2020
    Every program has been very informative and helpful in expanding my skills to better serve my clients
AT
ardella Thomas , EA
I loved Mike's enthusiasm and the delivery of valuable content! He has a way to make Form 1040 information interesting! Will definitely share my experience with my colleagues
JR
Jeremy Riddle , CPA, MBA, ACCT./BK, CPA
I have always enjoyed the myCPE Webinars and have highly recommended them to other colleagues. The Webinars are usually free but even when there is a fee it is very reasonable as compared to other companies. Keep up the great work.
JR
James Robinette
Received a large amount of information, in a easy to understand presentation
DH
David Howarth
This webinar was fantastic. Very relevant to my job responsibilities and, while it was a lot of information to digest in a short period of time, I feel that the information was presented concisely and effectively. Job well done!
BG
Bolor Ganbold
I was glued to the flow of the webinar on how Mike was taking through the minute details about the taxpayer, computation, exclusions, methods, and many more. Great webinar, I will come back for the upcoming webinars.

NASBA Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

IRS Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary

CTEC Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

upcoming Live CPE Webinars

QBO Running reports - Information, Analysis & Better Decision
Monday, October 26, 2020 | 09:00 AM EDT View Details/Register
Understanding Fraud, The Basics
Monday, October 26, 2020 | 09:00 AM EDT View Details/Register
Payroll Fraud Information and Discussion
Monday, October 26, 2020 | 09:00 AM EDT View Details/Register
BASIS CALCULATIONS & DISTRIBUTIONS FOR PASS-THRU ENTITY OWNERS SCHEDULE K-1 ANALYSIS (LATEST)
Monday, October 26, 2020 | 10:00 AM EDT View Details/Register
Corporate External Financial Reporting Decisions
Monday, October 26, 2020 | 10:00 AM EDT View Details/Register
Passive Activity Loss Limitations: Working with the Complex PAL Rules & Real Estate Tax Issues.
Monday, October 26, 2020 | 08:00 AM PDT View Details/Register
Best Overview on Individual Tax Updates 2020 (Basic)
Monday, October 26, 2020 | 08:00 AM PDT View Details/Register
How to not be an HR Failure – from an employment law perspective
Monday, October 26, 2020 | 11:00 AM EDT View Details/Register
Mastering QBO For Accountants - Techniques,Tips & Tricks, Advance Learning
Monday, October 26, 2020 | 08:00 AM PDT View Details/Register
Advance IRS Learning: Multiyear Non-Filing, Criminal Investigation, Voluntary Disclosure, Whistleblower Claims etc.
Monday, October 26, 2020 | 11:00 AM EDT View Details/Register
How to Analyze Your Client’s Tax Situation Course Information
Monday, October 26, 2020 | 11:30 AM EDT View Details/Register
10 Secrets the Credit Card Processing Industry Doesn't Want You to Know
Monday, October 26, 2020 | 12:00 PM EDT View Details/Register
CARES Act and Bonus Depreciation Strategies Unlocks Cash Flow for Real Estate Owners
Monday, October 26, 2020 | 12:00 PM EDT View Details/Register
HOW TO STRATEGIZE YOUR FIRM’S GROWTH AND EXPAND MARGINS IN THE NEW WORLD
Monday, October 26, 2020 | 01:00 PM EDT View Details/Register
Learn about opportunity zone and recent IRS updates:QUALIFIED OPPORTUNITY ZONES
Monday, October 26, 2020 | 01:00 PM EDT View Details/Register
  • Cost $20
  • CPE Credits 2
  • CE Credits 2
  • IRS Course ID GEHNZ-T-00047-19-O
  • CTEC Course ID 6273-CE-0040
  • Subject Area Taxes
  • Course Level Basic
  • Instructional Method group internet based
  • Prerequisites None
  • Advanced Preparation None
  • Who should attend? Enrolled Agent Tax Practitioners Accountant CFO/Controller Business Owner CPA - Small Firm CPA - Mid Size Firm CPA - Large Firm Tax Pros CPA (Industry) Tax Firm Young CPA CPA in Business Entrepreneurial CPA Senior Accountant Compliance Officers
  • Handout Material Download

upcoming Live CPE Webinars

QBO Running reports - Information, Analysis & Better Decision
Monday, October 26, 2020 | 09:00 AM EDT View Details/Register
Understanding Fraud, The Basics
Monday, October 26, 2020 | 09:00 AM EDT View Details/Register
Payroll Fraud Information and Discussion
Monday, October 26, 2020 | 09:00 AM EDT View Details/Register
BASIS CALCULATIONS & DISTRIBUTIONS FOR PASS-THRU ENTITY OWNERS SCHEDULE K-1 ANALYSIS (LATEST)
Monday, October 26, 2020 | 10:00 AM EDT View Details/Register
Corporate External Financial Reporting Decisions
Monday, October 26, 2020 | 10:00 AM EDT View Details/Register
Passive Activity Loss Limitations: Working with the Complex PAL Rules & Real Estate Tax Issues.
Monday, October 26, 2020 | 08:00 AM PDT View Details/Register
Best Overview on Individual Tax Updates 2020 (Basic)
Monday, October 26, 2020 | 08:00 AM PDT View Details/Register
How to not be an HR Failure – from an employment law perspective
Monday, October 26, 2020 | 11:00 AM EDT View Details/Register
Mastering QBO For Accountants - Techniques,Tips & Tricks, Advance Learning
Monday, October 26, 2020 | 08:00 AM PDT View Details/Register
Advance IRS Learning: Multiyear Non-Filing, Criminal Investigation, Voluntary Disclosure, Whistleblower Claims etc.
Monday, October 26, 2020 | 11:00 AM EDT View Details/Register
How to Analyze Your Client’s Tax Situation Course Information
Monday, October 26, 2020 | 11:30 AM EDT View Details/Register
10 Secrets the Credit Card Processing Industry Doesn't Want You to Know
Monday, October 26, 2020 | 12:00 PM EDT View Details/Register
CARES Act and Bonus Depreciation Strategies Unlocks Cash Flow for Real Estate Owners
Monday, October 26, 2020 | 12:00 PM EDT View Details/Register
HOW TO STRATEGIZE YOUR FIRM’S GROWTH AND EXPAND MARGINS IN THE NEW WORLD
Monday, October 26, 2020 | 01:00 PM EDT View Details/Register
Learn about opportunity zone and recent IRS updates:QUALIFIED OPPORTUNITY ZONES
Monday, October 26, 2020 | 01:00 PM EDT View Details/Register