Schedule C of Form 1040 (v22) – Video Self Study Course

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

NOTE - This is a Video Self-Study Course

Learning Objectives

At the end of this course, students will be able to:

• 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.
• 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.
• 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.

CPE Credits: 2 CPE for CPAs, EAs and other tax preparers

Level: Intermediate

Instructional Method: Self-Study

NASBA Field of Study: Taxes

Program Prerequisites: None

Advanced Preparation: None

Revision Date: April 1, 2022