Course curriculum

  • 01

    Introduction

    • 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 Company Preferences Accounting

    • 6100 Company Preferences Bills, Calendar, & Checking

    • 6120 Company Preferences Desktop View, Finance Charge, & General

    • 6140 Company Preferences Integrated Application & Items & Inventory

  • 02

    Self Employment (SE) Tax, Employment Taxes & Excise Taxes

    • 6142 Self-Employment (SE) Tax Software

    • 6160 Employment Taxes

    • 6162 Employment Taxes Software

    • 6180 Excise Taxes

  • 03

    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

  • 04

    Dispositions of Business Property

    • 6380 Dispositions of Business Property

    • 6382 Dispositions of Business Property Software

  • 05

    General Business Credits

    • 6400 Business Credits

  • 06

    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

  • 07

    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

  • 08

    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

  • 09

    Business Use of Your Home

    • 6620 Business Use of Your Home

    • 6622 Business Use of Your Home

  • 10

    Other Expenses You Can Deduct

    • 6630 De Minimis Safe Harbor for Tangible Property

  • 11

    Figuring Net Profit or Loss

    • 6650 Figuring Net Profit or Loss

    • 6652 Figuring Net Profit or Loss Software

  • 12

    Self-Employment (SE) Tax

    • 6660 Self-Employment (SE) Tax

    • 6670 Reporting Self-Employment Tax

    • 6672 Reporting Self-Employment Tax Software

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.