Schedule C of Form 1040
Tuesday, January 28, 2025
Webcast or Webinar, Online
10:30AM - 12:30PM (opens at 10:00AM) EST
2Credits
Technical Business
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Course Type: Webcast
Course Code: 24/CX43792
Level: Basic
Vendor: CPA Crossings, LLC
Field of Study: Taxes
Overview:
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 event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.Objectives:
After attending this presentation, you will be able to...
- Identify the appropriate taxpayers who should be filing Schedule C
- Recognize the difference between the cash and accrual method, and the correct period in which taxpayers must recognize income and/or deductions
- Indicate 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
- Distinguish types of typical deductions, such as advertising, utilities, supplies, etc.
- Determine the methods of deducting the cost of a company car
- 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
Major Topics:
The major topics covered in this class include:
- When Schedule C applies
- Cash v. Accrual method
- Typical business deductions
- Business vehicle expenses
- Section 179 and bonus depreciation
Major Topics:
The major topics covered in this class include:
- When Schedule C applies
- Cash v. Accrual method
- Typical business deductions
- Business vehicle expenses
- Section 179 and bonus depreciation