SCHEDULE C FOR 1040 (2019 UPDATED)

Learning Objectives

• Identify the appropriate taxpayers who should be filing Schedule C.
• Discuss the difference between the cash and accrual method, and the correct period in which taxpayers must recognize income and/or deductions.
• Discuss types of typical deductions, such as advertising, utilities, supplies, etc.
• Determine the methods of deducting the cost of a company car.
• Be able to apply the rules, such as Section 179 or bonus depreciation, which permit the immediate expensing of some or all of the cost of certain assets.

Course Description

Strongly Recommended: To CPAs, EAs, Tax professionals and even staff members of CPA & Accounting firms.

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. Combining the real-life experience of a Tax lawyer with this powerful presentation will enable participants to quickly grasp recent tax update and understanding of Schedule C.

The presentation will cover who should be filing Schedule C, differences between the cash and accrual method, and the correct period in which taxpayers must recognize income and/or deductions, Types of typical deductions, such as advertising, utilities, supplies, etc, Methods of deducting the cost of a company car, section 179 or bonus depreciation,

Join us as our world-class tax instructors share tax knowledge in a high-energy, using real-life experiences, which make complicated tax topics easily understandable.

Overview

• Who should be filing Schedule C?

  9 mins
• What is the difference between the cash and accrual methods? How does this affect the recognition of the correct tax period for income and/or deductions?

  14 mins
• Developing a working knowledge of issues related to Schedule C like reporting the deduction of self-employed health insurance, employment taxes, and home office deductions, etc.

  50 mins
• Various types of deductions like advertising, utilities, supplies, etc.

  62 mins
• Which are the different methods of deducting the cost of a company car?

  99 mins
• How to apply the rules that permit immediate expensing of some or all of the cost of certain assets?

  105 mins