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.

Program Content:

· When Schedule C applies

· Cash v. Accrual method

· Typical business deductions

· Business vehicle expenses

· Section 179 and bonus depreciation

Learning objectives:  By the end of the course, the participant should be able to:

1. Identify the appropriate taxpayers who
should be filing Schedule C.

2. Discuss the difference between the cash
and accrual method, and the correct period in which taxpayers must recognize
income and/or deductions.

3. 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.

4. Discuss types of typical deductions, such
as advertising, utilities, supplies, etc.

5. Determine the methods of deducting the
cost of a company car.

6. 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.