Income Tax – Schedule C Small Business Sole Proprietor

Income Tax – Schedule C Small Business Sole Proprietor

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

Language: english

Note: 4.2/5 (259 notes) 12,817 students

Instructor(s): Robert (Bob) Steele

Last update: 2022-05-28

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

  • Some understanding of US income tax law

 

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

 

Course content

  • Introduction 2021 2022
    • 6020 Sch. C Impact on Tax Return Software
    • 6040 Are You Self-Employed
    • 6060 Business Owned and Operated by Spouses
    • 6062 Business Owned and Operated by Spouses Software
    • 6080 Self-Employed – What You Need to Know
    • 6100 Sch. C What’s New for 2021
    • 6120 Sch. C Identification Numbers
    • 6140 Company Preferences Integrated Application & Items & Inventory
  • Self Employment (SE) Tax, Employment Taxes & Excise Taxes
    • 6140 Self-Employment (SE) Tax
    • 6142 Self-Employment (SE) Tax Software
    • 6160 Employment Taxes
    • 6162 Employment Taxes Software
    • 6180 Excise Taxes
  • Information Returns, Accounting Periods, & Accounting Methods
    • 6200 Information Returns
    • 6220 Accounting Periods and Methods
    • 6240 Accounting Methods
    • 6260 Cash Method
    • 6280 Accrual Method
    • 6300 Combination Method
    • 6340 Inventories
    • 6360 Change in Accounting Method
  • Dispositions of Business Property
    • 6380 Dispositions of Business Property
    • 6382 Dispositions of Business Property Software
  • General Business Credits
    • 6400 Business Credits
  • Business Income
    • 6420 Business Income Part 1
    • 6440 Business Income Part 2
    • 6450 Business Income Part 3
    • 6460 Business Income Part 4
    • 6465 Business Income Part 5
    • 6470 Business Income Part 6
    • 6480 Business Income Part 7
    • 6485 Business Income Part 8
  • How To Figure Cost of Goods Sold & Gross Profit
    • 6490 How To Figure Cost of Goods Sold
    • 6495 Figuring Gross Profit
    • 6500 Testing Gross Profit Accuracy
  • Business Expenses
    • 6520 Business Expenses Introduction
    • 6525 Business Expenses Bad Debts
    • 6530 Business Expenses Car and Truck Expenses
    • 6532 Business Expenses Car and Truck Expenses Software
    • 6535 Business Expenses Employees’ Pay
    • 6550 Business Expenses Insurance
    • 6552 Business Expenses Insurancen Software
    • 6560 Business Expenses Interest
    • 6570 Business Expenses Legal and Professional Fees
    • 6580 Business Expenses Pension Plans
    • 6582 Business Expenses Pension Plans Software
    • 6590 Business Expenses Rent Expense
    • 6600 Business Expenses Tax
    • 6602 Business Expenses Tax Software
    • 6610 Business Expenses Travel and Meals
  • Business Use of Your Home
    • 6620 Business Use of Your Home
    • 6622 Business Use of Your Home
  • Other Expenses You Can Deduct
    • 6630 De Minimis Safe Harbor for Tangible Property
  • Figuring Net Profit or Loss
    • 6650 Figuring Net Profit or Loss
    • 6652 Figuring Net Profit or Loss Software
  • Self-Employment (SE) Tax
    • 6660 Self-Employment (SE) Tax
    • 6670 Reporting Self-Employment Tax
    • 6672 Reporting Self-Employment Tax Software
  • Introduction
    • Introduction
    • 315 Tax Forms & Line Items Involved
    • Documents to Download for Reference
    • 318 Sch. C Data Entry
    • Accounting Comic Break
  • Are Your Self-Employed?
    • 321 Are You Self-Employed
    • PDF – 324 Business Owned and Operated by Spouses
    • 324 Business Owned and Operated by Spouses
    • Accounting Comic Break
  • What’s New for 2018
    • PDF – 327 What’s New for 2018
    • 327 What’s New for 2018
    • Accounting Comic Break
  • Identification Numbers
    • PDF – 331 Identification Number
    • 331 Identification Number
    • Accounting Comic Break
  • Self-Employment (SE) Tax
    • PDF – 334 Self-Employment (SE) Tax
    • 334 Self-Employment (SE) Tax
    • Accounting Comic Break
  • Which Forms Must I File?
    • PDF – 337 Which Forms Must I File
    • 337 Which Forms Must I File
    • Accounting Comic Break
  • Employment Taxes
    • PDF – 341 Employment Taxes
    • 341 Employment Taxes
    • Accounting Comic Break
  • Accounting Periods and Methods
    • PDF – 344 Accounting Periods and Methods Introduction
    • 344 Accounting Periods and Methods Introduction
    • PDF – 347 Accounting Methods Cash Method
    • 347 Accounting Methods Cash Method
    • PDF – 351 Accounting Methods Accrual Method
    • 351 Accounting Methods Accrual Method
    • PDF – 355 Accounting Methods Combination Method
    • 355 Accounting Methods Combination Method
    • PDF – 358 Accounting Methods Inventories
    • 358 Accounting Methods Inventories
    • PDF – 361 Change in Accounting Method
    • 361 Change in Accounting Method
    • Accounting Comic Break
  • Business Income
    • PDF – 364 Business Income Introduction
    • 364 Business Income Introduction
    • PDF – 367 Business Income Kinds of Income
    • 367 Business Income Kinds of Income
    • PDF – 371 Business Income – Kinds of Income Bartering for Property or Services
    • 371 Business Income – Kinds of Income Bartering for Property or Services
    • PDF – 374 Real Estate Rents
    • 374 Real Estate Rents
    • PDF – 377 Personal Property Rents
    • 377 Personal Property Rents
    • PDF – 381 Items That Are Not Income
    • 381 Items That Are Not Income
    • Accounting Comic Break
  • Guidelines for Selected Occupations
    • PDF – 384 Guidelines for Selected Occupations
    • 384 Guidelines for Selected Occupations
    • PDF – 387 Accounting for Your Income
    • 387 Accounting for Your Income
    • Accounting Comic Break
  • How To Figure Cost of Goods Sold
    • PDF – 391 How To Figure Cost of Goods Sold Introduction
    • 391 How To Figure Cost of Goods Sold Introduction
    • PDF – 394 Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42
    • 394 Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42
    • PDF – 397 Inventory at Beginning of Year
    • 397 Inventory at Beginning of Year
    • PDF – 401 Purchases Less Cost of Items Withdrawn for Personal Use
    • 401 Purchases Less Cost of Items Withdrawn for Personal Use
    • PDF – 404 How To Figure Cost of Goods Sold Cost of Labor
    • 404 How To Figure Cost of Goods Sold Cost of Labor
    • PDF – 407 How To Figure Cost of Goods Sold Materials and Supplies, Other Costs,
    • 407 How To Figure Cost of Goods Sold Materials and Supplies, Other Costs, Invent
    • PDF – 411 Figuring Gross Profit
    • 411 Figuring Gross Profit
    • Accounting Comic Break
  • Business Expenses
    • PDF – 414 Business Expenses Introduction
    • 414 Business Expenses Introduction
    • PDF – 417 Car and Truck Expenses
    • 417 Car and Truck Expenses
    • PDF – 421 Car and Truck Expenses
    • 421 Car and Truck Expenses
    • PDF – 424 Depreciation
    • 424 Depreciation
    • 427 Example – Depreciation
    • PDF – 427 Employees’ Pay
    • 427 Employees’ Pay
    • 427 Example – Employees’ Pay
    • PDF – 431 Insurance
    • 431 Insurance
    • PDF – 432 Example Insurance
    • 432 Example Insurance
    • PDF – 434 Interest Expense
    • 434 Interest Expense
    • PDF – 437 Legal and Professional Fees
    • 437 Legal and Professional Fees
    • PDF – 441 Pension Plans
    • 441 Pension Plans
    • PDF – 444 Rent Expense
    • 444 Rent Expense
    • PDF – 447 Taxes Deduction
    • 447 Taxes Deduction
    • PDF – 451 Travel and Meals Deduction
    • 451 Travel and Meals Deduction
    • PDF – 454 Business Use of Your Home
    • 454 Business Use of Your Home
    • PDF – 455 Example – Business Use of Your Home
    • 455 Example – Business Use of Your Home
    • PDF – 457 De Minimis Safe Harbor for Tangible Property
    • 457 De Minimis Safe Harbor for Tangible Property
    • PDF – 461 Other Expenses You Can Deduct
    • 461 Other Expenses You Can Deduct
    • PDF – 464 Expenses You Cannot Deduct
    • 464 Expenses You Cannot Deduct
    • PDF – 467 Figuring Net Profit or Loss
    • 467 Figuring Net Profit or Loss
    • PDF – 471 Excess Business Loss Limitation
    • 471 Excess Business Loss Limitation
    • PDF – 474 Net Operating Losses (NOLs)
    • 474 Net Operating Losses (NOLs)
    • PDF – 477 Not-for-Profit Activities
    • 477 Not-for-Profit Activities
    • PDF – 481 Who Must Pay SE Tax
    • 481 Who Must Pay SE Tax
    • PDF – 484 Special Rules and Exceptions
    • 484 Special Rules and Exceptions
    • PDF – 487 Figuring Earnings Subject to SE Tax
    • 487 Figuring Earnings Subject to SE Tax
    • PDF – 491 Figuring Earnings Subject to SE Tax Regular Method
    • 491 Figuring Earnings Subject to SE Tax Regular Method
    • Accounting Comic Break

 

Income Tax – Schedule C Small Business Sole ProprietorIncome Tax – Schedule C Small Business Sole Proprietor

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