Form 1040 Schedule C ( Updated 2020 )

4.5 (778)

Mike Goossen

Columns4success

Tuesday, August 04, 2020 | 02:30 PM EST

Credits: 2 CPE | 2 CE

FREE

Subject Area

Taxes

Webinar Qualifies For

2 CPE credit of Taxes for all CPAs

2 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273)

2 CE credit of Federal Tax for Oregon Tax Preparers

2 CE credit of Federal Tax for Maryland Tax Preparers

2 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ )

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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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.

Major Topics Covered :

  • Who does and does not files Schedule C
  • Cash vs Accrual Methods
  • Cash Method
  • Accrual Method
  • Business Expenses
  • Business or Investment Activity
  • Deduction of Trade or Business Expenses

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.

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

Testimonial

4.5

(778)
62%
31%
6%
1%
1%

AT

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

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.

DH

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

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.

BO

Excellent Webinar

AK

Excellent webinar to help us understand such complex issues. Information presented in such a manner that it seems very interesting for the listeners. Mike shared a lot of important information on Form 1040. Highly recommended.