Schedule C - Form 1040 (2020)

Jason Dinesen, EA, LPA

Dinesen Tax & Accounting, P.C.

  • AFSP
  • CPA
  • EA
  • Tax Preparer
  • Oregon Tax Preparer
  • CTEC

Before starting this self study program, please go through the instructional document.

Overview

  • 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. 

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.

Who Should Attend?

  • Accountant
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • Bookkeeper
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Entrepreneurial CPA
  • Senior Accountant
  • Tax Accountant (Industry)
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • Young CPA