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Tax Preparation
IT & Software
Other IT & Software
Income Tax – Schedule C Small Business Sole Proprietor
Small business, schedule C income tax preparation using actual tax forms for examples including form 1040, Schedule SE
4.2
(430)
19417 enrolled on this course
Last updated 11/2021
Robert (Bob) Steele
Description
This course will focus on tax preparation for taxpayers who have self-employment incomed generally reported on a Schedule C.
We will look at each new concept from multiple angles, starting with a presentation discussing the topic and then looking at examples to better understand the concepts in action.
The example section will use tax forms to work problems and an accounting equation method using Excel so learners will understand the impact on the actual tax return and visualize the concepts using a tax formula.
Sole proprietorship income reported on Schedule C adds significant complexity to income tax preparation. This course will start by introducing the complexity of Schedule C to the tax return, identifying the primary areas that will change using practical examples.
Learners will understand how self-employment tax is calculated when there is schedule C income and how part of the self-employment tax may be included as an adjustment to income.
The course will cover the accounting periods and methods that may be appropriate depending on the business needs.
We will discuss how to report business income and calculate the cost of goods sold and gross profit if applicable.
Learners will understand what a business expense is, how to report business expenses, and the most common categories of business expenses. We will show many examples to solidify the concepts.
We will learn how to report expenses related to the business use of your home, which can be a significant deduction for many businesses.
Who this course is for:
Anybody who wants to save on taxes & has a small business
Tax professionals
What you'll learn
What It Means to Be Self-Employed
How to Report Self Employment Income
Filing and Paying Business Taxes
Identification Numbers Including EIN Number
Self-Employment (SE) Tax
Employment Taxes
Accounting Periods and Methods
Business Income & Expenses
How To Figure Cost of Goods Sold
Car and Truck Expenses
Depreciation Expense
Employees' Pay Expense
Insurance Expense
Interest Expense
Legal and Professional Fees Expense
Rent Expense
Pension Plans Expense
Taxes Expense
Travel and Meals Expense
Business Use of Your Home
Other Expenses You Can Deduct
Requirements
- You will need a copy of Adobe XD 2019 or above. A free trial can be downloaded from Adobe.
- No previous design experience is needed.
- No previous Adobe XD skills are needed.
Course Content
27 sections • 95 lectures
Expand All Sections
1.1-6020 Sch. C Impact on Tax Return Example
1.2-6040 Are You Self-Employed
1.3-6080 Self Employed-What You Need to Know
1.4-6100 Sch. C What’s New for 2023 & Reminders
1.5-6130 Small Business - How to Pay Income Tax
2.1-6060 Business Owned and Operated by Spouses
2.2-6062 Business Owned & Operated by Spouses Example
3.1-6140 Self-Employment (SE) Tax
3.2-6142 Self-Employment (SE) Tax Example
3.3-6160 Employment Taxes
4.1-6162 Employment Taxes Example
4.2-6180 Excise Taxes
4.3-6200 Information Returns
5.1-6220 Accounting Periods
5.2-6240 Accounting Methods Overview
5.3-6260 Cash Method
5.4-6280 Accrual Method
5.5-6300 Combination Accounting Method
5.6-6305 Uniform Capitalization Rules & Changes in Accounting Method
6.1-6380 Dispositions of Business Property
6.2-6382 Dispositions of Business Property Example
6.3-6400 Business Credits
7.1-6420 Business Income Part 1
7.2-6425 Business Income Part 2
7.3-6452 Items That Are Not Income
7.4-6453 Guidelines for Selected Occupations
7.5-6455 Accounting for Your Income
8.1-6490 How To Figure Cost of Goods Sold
8.2-6495 Figuring Gross Profit
8.3-6497 Cost of Goods Sold & Gross Profit Example
9.1-6520 Business Expenses Introduction
9.2-6525 Business Expenses Bad Debts
10.1-6530 Business Expense Car and Truck Expenses
10.2-6532 Business Expenses Car and Truck Expenses Example
11.1-6534 Depreciation Overview
11.2-6535 Depreciation – What’s New, Resources, & Property that can and Cannot be Dep
11.3-6536 Depreciation Timing & Method
11.4-6537 What Method Can You Use To Depreciate Your Property
11.5-6541 Repairs and Improvementsec190a.autosave
11.6-6543 Electing the Section 179 Deduction Overview
11.7-6544 Electing the Section 179 How Much Can You Deduct
11.8-6545 Electing the Section 179 Deduction How Do You Elect the Deduction
11.9-6547 Electing the Section 179 Deduction - When Must You Recapture the Deduction
11.10-6564 Section 179 Deduction Example
11.11-6566 Special Depreciation Allowance Overview
11.12-6567 Special Depreciation Allowance - How Much Can You Deduct
11.13-6568 Special Depreciation Allowance - How Can You Elect Not To Claim an Allowanc
11.14-6569 Special Depreciation Allowance - When Must You Recapture an Allowance
11.15-6578 Figuring Depreciation Under MACRS Introduction
11.16-6580 MACRS Depreciation - Which Property Class Applies Under GDS
11.17-6582 MACRS Depreciation - What Is the Basis for Depreciation
11.18-6584 MACRS Depreciation - Which Recovery Period Applies
11.19-6586 MACRS Depreciation Which Convention Applies
11.20-6588 MACRS Depreciation - Which Depreciation Method Applies
11.21-6590 MACRS Depreciation - How Is the Depreciation Deduction Figured Part 1
11.22-6592 MACRS Depreciation - How Is the Depreciation Deduction Figured Part 2
11.23-6594 MACRS Depreciation - How Is the Depreciation Deduction Figured Part 3
11.24-6596 MACRS Depreciation - How Is the Depreciation Deduction Figured Part 4
11.25-6605 MACRS Depreciation - General Asset Accounts
11.26-6610 When Do You Recapture MACRS Depreciation
11.27-6650 Depreciation Listed Property - Introduction
11.28-6655 What Is Listed Property
11.29-6665 Listed Property - What Is the Business-Use Requirement Part 1
11.30-6666 Listed Property - What Is the Business-Use Requirement Part 2
11.31-6670 Listed Property - Do the Passenger Automobile Limits Apply
12.1-6700 Business Expense Employees’ Pay
12.2-6705 Business Expense Insurance
12.3-6707 Business Expenses Insurance & Payroll Expense Exampled
12.4-6710 Business Expenses Interest
13.1-6715 Business Expenses Legal and Professional Fees
13.2-6720 Business Expenses Pension Plans
13.3-6723 Business Expenses Pension Plans Example
13.4-6725 Business Expenses Rent Expense
14.1-6740 Business Use of Your Home - Qualifying for a Deduction
14.2-6745 Business Use of Your Home - Figuring the Deduction Part 1
14.3-6746 Business Use of Your Home - Figuring the Deduction Part 2
14.4-6750 Business Use of Your Home - Using the Simplified Method
14.5-6755 Business Use of Your Home - Daycare Facility
14.6-6760 Business Use of Your Home Example
15.1-6765 Other Common Expenses & De Minimis Safe Harbor for Tangible Property
15.2-6770 Expenses You Cannot Deduct, Net Profit or Loss, & Operating Losses (NOLs)
15.3-6772 Net Profit or Loss, & Operating Losses (NOLs) Example
16.1-6775 Self-Employment (SE) Tax - Who Must Pay SE Tax Part 1
16.2-6776 Self-Employment (SE) Tax - Who Must Pay SE Tax Part2
16.3-6778 Reporting Self-Employment Tax Example
17.1-6780 Qualified Business Income Deduction
17.2-6785 Qualified Business Income Deduction Example
18.1-7020 Tax Calculation – Line 16
18.2-7250 Small Business - How to Pay Income Tax Example
18.3-7260 Payments
18.4-7262 Small Business - How to Pay Income Tax Example
19.1-6020 Sch. C Impact on Tax Return Example
19.2-6040 Are You Self-Employed
19.3-6060 Business Owned and Operated by Spouses
19.4-6062 Business Owned & Operated by Spouses Example
19.5-6080 Self Employed-What You Need to Know
19.6-6100 Sch. C What’s New for 2023 & Reminders
19.7-6130 Small Business - How to Pay Income Tax
20.1-6140 Self-Employment (SE) Tax
20.2-6142 Self-Employment (SE) Tax Example
20.3-6160 Employment Taxes
20.4-6162 Employment Taxes Example
20.5-6180 Excise Taxes
21.1-6200 Information Returns
21.2-6220 Accounting Periods
21.3-6240 Accounting Methods Overview
21.4-6260 Cash Method
21.5-6280 Accrual Method
21.6-6300 Combination Accounting Method
21.7-6305 Uniform Capitalization Rules & Changes in Accounting Method
22.1-6380 Dispositions of Business Property
22.2-6382 Dispositions of Business Property Example
23.1-6400 Business Credits
24.1-6420 Business Income Part 1
24.2-6425 Business Income Part 2
24.3-6452 Items That Are Not Income
24.4-6453 Guidelines for Selected Occupations
24.5-6455 Accounting for Your Income
25.1-6490 How To Figure Cost of Goods Sold
25.2-6495 Figuring Gross Profit
25.3-6497 Cost of Goods Sold & Gross Profit Example
26.1-6520 Business Expenses Introduction
26.2-6525 Business Expenses Bad Debts
26.3-6530 Business Expense Car and Truck Expenses
26.4-6532 Business Expenses Car and Truck Expenses Example
27.1-6534 Depreciation Overview
27.2-6535 Depreciation – What’s New, Resources, & Property that can and Cannot be Dep
27.3-6536 Depreciation Timing & Method
27.4-6537 What Method Can You Use To Depreciate Your Property
27.5-6541 Repairs and Improvements
28.1-6543 Electing the Section 179 Deduction Overview
28.2-6544 Electing the Section 179 How Much Can You Deduct
28.3-6545 Electing the Section 179 Deduction How Do You Elect the Deduction
28.4-6547 Electing the Section 179 Deduction - When Must You Recapture the Deduction
28.5-6564 Section 179 Deduction Example
29.1-6566 Special Depreciation Allowance Overview
29.2-6567 Special Depreciation Allowance - How Much Can You Deduct
29.3-6568 Special Depreciation Allowance - How Can You Elect Not To Claim an Allowanc
29.4-6569 Special Depreciation Allowance - When Must You Recapture an Allowance
30.1-6578 Figuring Depreciation Under MACRS Introduction
30.2-6580 MACRS Depreciation - Which Property Class Applies Under GDS
30.3-6582 MACRS Depreciation - What Is the Basis for Depreciation
30.4-6584 MACRS Depreciation - Which Recovery Period Applies
30.5-6586 MACRS Depreciation - Which Convention Applies
30.6-6588 MACRS Depreciation - Which Depreciation Method Applies
30.7-6590 MACRS Depreciation - How Is the Depreciation Deduction Figured Part 1
30.8-6592 MACRS Depreciation - How Is the Depreciation Deduction Figured Part 2
30.9-6594 MACRS Depreciation - How Is the Depreciation Deduction Figured Part 3
30.10-6596 MACRS Depreciation - How Is the Depreciation Deduction Figured Part 4
30.11-6605 MACRS Depreciation - General Asset Accounts
31.1-6610 When Do You Recapture MACRS Depreciation
32.1-6650 Depreciation Listed Property - Introduction
32.2-6655 What Is Listed Property
32.3-6665 Listed Property - What Is the Business-Use Requirement Part 1
32.4-6666 Listed Property - What Is the Business-Use Requirement Part 2
32.5-6670 Listed Property - Do the Passenger Automobile Limits Apply
33.1-6700 Business Expense Employees’ Pay
33.2-6705 Business Expense Insurance
33.3-6707 Business Expenses Insurance & Payroll Expense Example
33.4-6710 Business Expenses Interest
33.5-6715 Business Expenses Legal and Professional Fees
33.6-6720 Business Expenses Pension Plans
33.7-6723 Business Expenses Pension Plans Example
33.8-6725 Business Expenses Rent Expense
34.1-6740 Business Use of Your Home - Qualifying for a Deduction
34.2-6745 Business Use of Your Home - Figuring the Deduction Part 1
34.3-6746 Business Use of Your Home - Figuring the Deduction Part 2
34.4-6750 Business Use of Your Home - Using the Simplified Method
34.5-6755 Business Use of Your Home - Daycare Facility
34.6-6760 Business Use of Your Home Example
35.1-6765 Other Common Expenses & De Minimis Safe Harbor for Tangible Property
36.1-6770 Expenses You Cannot Deduct, Net Profit or Loss, & Operating Losses (NOLs)
36.2-6772 Net Profit or Loss, & Operating Losses (NOLs) Example
37.1-6775 Self-Employment (SE) Tax - Who Must Pay SE Tax Part 1
37.2-6776 Self-Employment (SE) Tax - Who Must Pay SE Tax Part2
37.3-6778 Reporting Self-Employment Tax Example
38.1-6780 Qualified Business Income Deduction
38.2-6785 Qualified Business Income Deduction Example
39.1-6020 Sch. C Impact on Tax Return Software
39.2-6040 Are You Self-Employed
39.3-6060 Business Owned and Operated by Spouses
39.4-6062 Business Owned and Operated by Spouses Software
39.5-6080 Self-Employed – What You Need to Know
39.6-6100 Sch. C What’s New for 2022
39.7-6120 Sch. C Identification Numbers
39.8-6130 Small Business - How to Pay Income Tax
39.9-6140 Self-Employment (SE) Tax
40.1-6140 Self-Employment (SE) Tax
40.2-6142 Self-Employment (SE) Tax Software
40.3-6160 Employment Taxes
40.4-6162 Employment Taxes Software
40.5-6180 Excise Taxes
41.1-6200 Information Returns
41.2-6220 Accounting Periods and Methods Introduction
41.3-6240 Accounting Methods Overview
41.4-6260 Cash Method
41.5-6280 Accrual Method
41.6-6300 Combination Accounting Method
41.7-6340 Inventories
42.1-6380 Dispositions of Business Property
42.2-6382 Dispositions of Business Property Example
43.1-6400 Business Credits
44.1-6420 Business Income Part 1
45.1-6490 How To Figure Cost of Goods Sold
45.2-6495 Figuring Gross Profit
46.1-6520 Business Expenses Introduction
46.2-6525 Business Expenses Bad Debts
46.3-6530 Business Expenses Car and Truck Expenses
46.4-6532 Business Expenses Car and Truck Expenses Example
46.5-6535 Depreciation Office Home, Land, Excepted Property & Basis Adjustment
46.6-6550 MACRS Depreciation – Which Convention Applies
46.7-6552 Business Expenses Insurancen Software
46.8-6560 Business Expenses Interest
46.9-6570 Business Expenses Employees’ Pay
46.10-6580 Business Expenses Pension Plans
46.11-6582 Business Expenses Pension Plans Software
46.12-6590 Business Expenses Rent Expense
46.13-6600 Business Expenses Tax
46.14-6602 Business Expenses Tax Software
46.15-6610 Business Expenses Travel and Meals
47.1-6620 Business Use of Your Home
47.2-6622 Business Use of Your Home Example
48.1-6630 De Minimis Safe Harbor for Tangible Property
49.1-6650 Figuring Net Profit or Loss
49.2-6652 Figuring Net Profit or Loss Software
50.1-6660 Figuring Self-Employment (SE) Tax
50.2-6672 Reporting Self-Employment Tax Software Example
51.1-Introduction
51.2-315 Tax Forms & Line Items Involved
51.3-Documents to Download for Reference
51.4-318 Sch. C Data Entry
51.5-Accounting Comic Break
52.1-321 Are You Self-Employed
52.2-PDF - 324 Business Owned and Operated by Spouses
52.3-324 Business Owned and Operated by Spouses
52.4-Accounting Comic Break
53.1-PDF - 327 What's New for 2018
53.2-327 What's New for 2018
53.3-Accounting Comic Break
54.1-PDF - 331 Identification Number
54.2-331 Identification Number
54.3-Accounting Comic Break
55.1-PDF - 334 Self-Employment (SE) Tax
55.2-334 Self-Employment (SE) Tax
55.3-Accounting Comic Break
56.1-PDF - 337 Which Forms Must I File
56.2-337 Which Forms Must I File
56.3-Accounting Comic Break
57.1-PDF - 341 Employment Taxes
57.2-341 Employment Taxes
57.3-Accounting Comic Break
58.1-PDF - 344 Accounting Periods and Methods Introduction
58.2-344 Accounting Periods and Methods Introduction
58.3-PDF - 347 Accounting Methods Cash Method
58.4-347 Accounting Methods Cash Method
58.5-PDF - 351 Accounting Methods Accrual Method
58.6-351 Accounting Methods Accrual Method
58.7-PDF - 355 Accounting Methods Combination Method
58.8-355 Accounting Methods Combination Method
58.9-PDF - 358 Accounting Methods Inventories
58.10-358 Accounting Methods Inventories
58.11-PDF - 361 Change in Accounting Method
58.12-361 Change in Accounting Method
58.13-Accounting Comic Break
59.1-PDF - 364 Business Income Introduction
59.2-364 Business Income Introduction
59.3-PDF - 367 Business Income Kinds of Income
59.4-367 Business Income Kinds of Income
59.5-PDF - 371 Business Income - Kinds of Income Bartering for Property or Services
59.6-371 Business Income - Kinds of Income Bartering for Property or Services
59.7-PDF - 374 Real Estate Rents
59.8-374 Real Estate Rents
59.9-PDF - 377 Personal Property Rents
59.10-377 Personal Property Rents
59.11-PDF - 381 Items That Are Not Income
59.12-381 Items That Are Not Income
59.13-Accounting Comic Break
60.1-PDF - 384 Guidelines for Selected Occupations
60.2-384 Guidelines for Selected Occupations
60.3-PDF - 387 Accounting for Your Income
60.4-387 Accounting for Your Income
60.5-Accounting Comic Break
61.1-PDF - 391 How To Figure Cost of Goods Sold Introduction
61.2-391 How To Figure Cost of Goods Sold Introduction
61.3-PDF - 394 Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42
61.4-394 Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42
61.5-PDF - 397 Inventory at Beginning of Year
61.6-397 Inventory at Beginning of Year
61.7-PDF - 401 Purchases Less Cost of Items Withdrawn for Personal Use
61.8-401 Purchases Less Cost of Items Withdrawn for Personal Use
61.9-PDF - 404 How To Figure Cost of Goods Sold Cost of Labor
61.10-404 How To Figure Cost of Goods Sold Cost of Labor
61.11-PDF - 407 How To Figure Cost of Goods Sold Materials and Supplies, Other Costs,
61.12-407 How To Figure Cost of Goods Sold Materials and Supplies, Other Costs, Invent
61.13-PDF - 411 Figuring Gross Profit
61.14-411 Figuring Gross Profit
61.15-Accounting Comic Break
62.1-PDF - 414 Business Expenses Introduction
62.2-414 Business Expenses Introduction
62.3-PDF - 417 Car and Truck Expenses
62.4-417 Car and Truck Expenses
62.5-PDF - 421 Car and Truck Expenses
62.6-421 Car and Truck Expenses
62.7-PDF - 424 Depreciation
62.8-424 Depreciation
62.9-427 Example - Depreciation
62.10-PDF - 427 Employees' Pay
62.11-427 Employees' Pay
62.12-427 Example - Employees' Pay
62.13-PDF - 431 Insurance
62.14-431 Insurance
62.15-PDF - 432 Example Insurance
62.16-432 Example Insurance
62.17-PDF - 434 Interest Expense
62.18-434 Interest Expense
62.19-PDF - 437 Legal and Professional Fees
62.20-437 Legal and Professional Fees
62.21-PDF - 441 Pension Plans
62.22-441 Pension Plans
62.23-PDF - 444 Rent Expense
62.24-444 Rent Expense
62.25-PDF - 447 Taxes Deduction
62.26-447 Taxes Deduction
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