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Course Details

Overview of Topics

  • Accounting Methods

    13 mins
  • Accrual Method

    26 mins
  • Issuing 1099s

    32 mins
  • Vehicle Expenses

    44 mins
  • Retirement Plans

    67 mins
  • Home Office Deductions

    70 mins
  • SE Tax: Optional Methods

    82 mins

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 these 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 :

  • SSN or EIN
  • Accounting Methods
  • Constructive Receipt
  • Prepaid Expenses & Advance Payments
  • Issuing 1099s
  • Health Insurance
  • Retirement Accounts
  • QBI Deduction
  • Net Operating Losses

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 an easy manner. 

Webinar Qualifies for

  • 2 CPE credit of Taxes for all CPAs
  • 2 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ )
  • 2 CE credit of Federal Tax for Oregon Tax Preparers
  • 2 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273)
  • 2 CE credit of Federal Tax for Maryland Tax Preparers
  • 2 General Educational credit for Tax Professionals/Bookkeepers/Accountants

Learning objectives

  • to identify which taxpayer has to file Schedule C
  • To explain the difference between the cash and accrual method, and the right period in which taxpayers must know income and/or deductions
  • To 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
  • To recognize different types of typical deductions, such as advertising, utilities, supplies, etc.
  • To identify the methods of deducting the cost of a company car.

About Presenter

Jason Dinesen, EA, LPA

Advisor,Dinesen Tax & Accounting, P.C.

jason@dinesentax.com

Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on accounting and bookkeeping services, tax preparation and business advising to individuals with a business focus ranging from home-based businesses to multistate corporations and not-for-profits. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of multiple 1099 seminars. Dinesen majored in corporate communications with a minor in management from Simpson College.

Unlike some other accounting firms, when Dinesen Tax & Accounting, P.C. says we offer personal service, we mean it. When you come to us with your tax preparation needs, you’ll deal directly with our owner and president, Jason Dinesen. We don’t put administrative staff in the middle of you and our tax expert. That means you’ll always have first-hand knowledge of where things stand, and important information won’t slip through the cracks. We welcome all clients, but especially individuals who want the benefits of a long-term relationship with an accounting firm capable of handling anything that might come along with their taxes. We give all our clients the time, attention, and convenience they should expect. If you have a challenging professional or personal schedule, Jason will accommodate you by meeting whenever – and wherever – works best for you.

Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:25
  • Question 3 : 00:50
  • Question 4 : 01:10
  • Question 5 : 01:20
  • Question 6 : 01:30
  1. Who is required to file a Schedule C?
  2. In which assets a tax payer can claim bonus depreciation?
  3. When prepaid expense is to be capitalized and deducted ratably?
  4. Which form is used for qualified business income deduction?
  5. Which method is there for deduct vehicle expenses?
  6. Which is accounting method?
  1. Which form is issued to independent contractors?
  2. What dollar amount is the de minimus threshold?
  3. Which is the form a sole proprietor uses?
  4. When rent payment is more than $600 then which form must be issued?
  5. Which section allows immediate expensing instead of claiming depreciation?
  6. In general, what % of meal expenses are deductible?
  7. Which form is used for home office deduction?
  8. What is the amount of deduction under the safe harbor method for home offices?
  9. NOL stands for:
  10. What is the typical SE tax percentage?

FAQ

  • myCPE self-study courses are online.
  • The self-study format allows you to access the material online 24/7 and study at your own pace.
  • As per NASBA guidelines, you have one year from date of registration to complete each program.
  • Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
  • Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
  • These are Live recorded presentations converted into Self Study (On-Demand Videos).

Refund/Cancellation Policy

  • For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
  • Please email to   help@my-cpe.com  in case of any self study program queries.

Reviews

4.7
(620)
72%
23%
4%
0%
0%
  • CC
    CHARYN COUCH
    Jul 26th 2020
    What a wonderful webinar! Precise, concise, and to the point, with useful references to read on. I will be looking for more classes with this very knowledgeable presenter. Thank you so much!
NNS
Noel Nathaniel Singh , AFSP
Very knowledgeable and I will be looking for more webinars by Jason. I appreciate the time taken by him to do this webinar.
AK
Alan Kaye , CPA
Valuable Presentation if you do Returns for Schedule C businesses - Presenter, Jason Dineson did a great job! Hope he does more.
KW
Kimberly Wingett-Bertrand
The presentation was quite interesting and easy to comprehend. I could listen to this presenter the whole day. Thank you Mr. Dineson and am looking forward to more webinars with you. Aloha !! More webinars with you
BB
BIRDIE BROWN , Bookkeeper
Jason has first-hand knowledge of the subject matter and presents it in a concise, well-articulated style. A very worthwhile hour about how to be helpful to clients and yet retain a required healthy skepticism.
AK
Anita Kusmulyana , CPA
I thoroughly enjoyed this webinar. The presenter was knowledgeable and informative and the material was innovative. Preparing your Sch C clients for tax season year-round will remove the burden of gathering info together from the previous year during the first few months of the next year.

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.

On-Demand Webinars

IRC 199A: 2 YEARS IN – KEY OVERLOOKED PLANNING INITIATIVES
Wednesday, November 11, 2020 View Details/Register
PASSIVE LOSS ISSUES WITH SCHEDULE K-1S
Wednesday, November 11, 2020 View Details/Register
IRS TAX PRACTICE & PROCEDURE INTRODUCTION
Friday, November 06, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON Partnerships & LLCs (FORM 1065) - 2020 UPDATES
Friday, November 06, 2020 View Details/Register
ITEMIZED DEDUCTION UPDATES - WITH EXAMPLES & CASE STUDIES
Thursday, November 05, 2020 View Details/Register
COVER YOUR ASSETS: FRAUD AND INTERNAL CONTROLS
Monday, November 02, 2020 View Details/Register
Excel Accountant: CREATING ERROR-FREE EXCEL SPREADSHEETS
Monday, November 02, 2020 View Details/Register
HOW TO ANALYZE YOUR CLIENT’S TAX SITUATION
Monday, November 02, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S) - 2020 Updates
Friday, October 30, 2020 View Details/Register
IRS PENALTIES, ABATEMENTS, AND REASONABLE CAUSE
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP - NFP AND GOVERNMENTAL ACCOUNTING & AUDITING UPDATE
Wednesday, October 28, 2020 View Details/Register
IS IT DEDUCTIBLE: COMMONLY ASKED IRS DEDUCTIONS (UPDATED 2020)
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP – INTRODUCTION TO NFP AND GOVERNMENTAL ACCOUNTING & AUDITING
Monday, October 26, 2020 View Details/Register
Ethics for Wyoming CPAs
Friday, October 09, 2020 View Details/Register
CPA & ACCOUNTANTS: WHAT YOU SHOULD KNOW ABOUT CREDIT CARD SURCHARGING & IT'S LEGALITY
Thursday, October 22, 2020 View Details/Register
  • Cost $20
  • CPE Credits 2
  • CE Credits 2
  • IRS Course ID GEHNZ-T-00222-20-S
  • CTEC Course ID 6273-CE-0227
  • Subject Area Taxes
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Published Date August 07 ,2020
  • Who should attend? Enrolled Agent Tax Practitioners Bookkeeper Accountant CPA - Small Firm CPA - Mid Size Firm Tax Pros Tax Firm Young CPA CPA in Business Entrepreneurial CPA Tax Accountant (Industry) Tax Director (Industry) Accounting Practice Owners Senior Accountant Accounts Director Tax Managers Accounting Managers Tax Preparer
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

IRC 199A: 2 YEARS IN – KEY OVERLOOKED PLANNING INITIATIVES
Wednesday, November 11, 2020 View Details/Register
PASSIVE LOSS ISSUES WITH SCHEDULE K-1S
Wednesday, November 11, 2020 View Details/Register
IRS TAX PRACTICE & PROCEDURE INTRODUCTION
Friday, November 06, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON Partnerships & LLCs (FORM 1065) - 2020 UPDATES
Friday, November 06, 2020 View Details/Register
ITEMIZED DEDUCTION UPDATES - WITH EXAMPLES & CASE STUDIES
Thursday, November 05, 2020 View Details/Register
COVER YOUR ASSETS: FRAUD AND INTERNAL CONTROLS
Monday, November 02, 2020 View Details/Register
Excel Accountant: CREATING ERROR-FREE EXCEL SPREADSHEETS
Monday, November 02, 2020 View Details/Register
HOW TO ANALYZE YOUR CLIENT’S TAX SITUATION
Monday, November 02, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S) - 2020 Updates
Friday, October 30, 2020 View Details/Register
IRS PENALTIES, ABATEMENTS, AND REASONABLE CAUSE
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP - NFP AND GOVERNMENTAL ACCOUNTING & AUDITING UPDATE
Wednesday, October 28, 2020 View Details/Register
IS IT DEDUCTIBLE: COMMONLY ASKED IRS DEDUCTIONS (UPDATED 2020)
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP – INTRODUCTION TO NFP AND GOVERNMENTAL ACCOUNTING & AUDITING
Monday, October 26, 2020 View Details/Register
Ethics for Wyoming CPAs
Friday, October 09, 2020 View Details/Register
CPA & ACCOUNTANTS: WHAT YOU SHOULD KNOW ABOUT CREDIT CARD SURCHARGING & IT'S LEGALITY
Thursday, October 22, 2020 View Details/Register