Tax Preparation 2023-2024 Part 4 - Self Employed Business Income

Tax Preparation 2023-2024 Part 4 - Self Employed Business Income - Schedule C

Unlock Tax Filing Confidence with Practical Examples; Step-by-Step Instructions in this Comprehensive Income Tax Course

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Course curriculum

1. 6020 Sch. C Impact on Tax Return Example
2. 6040 Are You Self-Employed
3. 6080 Self Employed-What You Need to Know
4. 6100 Sch. C What’s New for 2023 & Reminders
5. 6130 Small Business - How to Pay Income Tax
1. 6060 Business Owned and Operated by Spouses
2. 6062 Business Owned & Operated by Spouses Example
1. 6140 Self-Employment (SE) Tax
2. 6142 Self-Employment (SE) Tax Example
3. 6160 Employment Taxes
1. 6180 Excise Taxes
2. 6162 Employment Taxes Example
3. 6200 Information Returns
1. 6220 Accounting Periods
2. 6240 Accounting Methods Overview
3. 6260 Cash Method
4. 6280 Accrual Method
5. 6300 Combination Accounting Method
6. 6305 Uniform Capitalization Rules & Changes in Accounting Method
1. 6380 Dispositions of Business Property
2. 6382 Dispositions of Business Property Example
3. 6400 Business Credits
1. 6420 Business Income Part 1
2. 6425 Business Income Part 2
3. 6452 Items That Are Not Income
4. 6453 Guidelines for Selected Occupations
5. 6455 Accounting for Your Income
1. 6490 How To Figure Cost of Goods Sold
2. 6495 Figuring Gross Profit
3. 6497 Cost of Goods Sold & Gross Profit Example
1. 6520 Business Expenses Introduction
2. 6525 Business Expenses Bad Debts
1. 6530 Business Expense Car and Truck Expenses
2. 6532 Business Expenses Car and Truck Expenses Example
1. 6534 Depreciation Overview
2. 6535 Depreciation – What’s New, Resources, & Property that can and Cannot be Dep
3. 6536 Depreciation Timing & Method
4. 6537 What Method Can You Use To Depreciate Your Property
5. 6541 Repairs and Improvements
6. 6543 Electing the Section 179 Deduction Overview
7. 6544 Electing the Section 179 How Much Can You Deduct
8. 6545 Electing the Section 179 Deduction How Do You Elect the Deduction
9. 6547 Electing the Section 179 Deduction - When Must You Recapture the Deduction
10. 6564 Section 179 Deduction Example
11. 6566 Special Depreciation Allowance Overview
12. 6567 Special Depreciation Allowance - How Much Can You Deduct
13. 6568 Special Depreciation Allowance - How Can You Elect Not To Claim an Allowanc
14. 6569 Special Depreciation Allowance - When Must You Recapture an Allowance
15. 6578 Figuring Depreciation Under MACRS Introduction
16. 6580 MACRS Depreciation - Which Property Class Applies Under GDS
17. 6582 MACRS Depreciation - What Is the Basis for Depreciation
18. 6584 MACRS Depreciation - Which Recovery Period Applies
19. 6586 MACRS Depreciation - Which Convention Applies
20. 6588 MACRS Depreciation - Which Depreciation Method Applies
21. 6590 MACRS Depreciation - How Is the Depreciation Deduction Figured Part 1
22. 6592 MACRS Depreciation - How Is the Depreciation Deduction Figured Part 2
23. 6594 MACRS Depreciation - How Is the Depreciation Deduction Figured Part 3
24. 6596 MACRS Depreciation - How Is the Depreciation Deduction Figured Part 4
25. 6605 MACRS Depreciation - General Asset Accounts
26. 6610 When Do You Recapture MACRS Depreciation
27. 6650 Depreciation Listed Property - Introduction
28. 6655 What Is Listed Property
29. 6665 Listed Property - What Is the Business-Use Requirement Part 1
30. 6666 Listed Property - What Is the Business-Use Requirement Part 2
31. 6670 Listed Property - Do the Passenger Automobile Limits Apply
1. 6700 Business Expense Employees’ Pay
2. 6705 Business Expense Insurance
3. 6707 Business Expenses Insurance & Payroll Expense Example
4. 6710 Business Expenses Interest
1. 6715 Business Expenses Legal and Professional Fees
2. 6720 Business Expenses Pension Plans
3. 6723 Business Expenses Pension Plans Example
4. 6725 Business Expenses Rent Expense
1. 6740 Business Use of Your Home - Qualifying for a Deduction
2. 6745 Business Use of Your Home - Figuring the Deduction Part 1
3. 6746 Business Use of Your Home - Figuring the Deduction Part 2
4. 6750 Business Use of Your Home - Using the Simplified Method
5. 6755 Business Use of Your Home - Daycare Facility
6. 6760 Business Use of Your Home Example
1. 6765 Other Common Expenses & De Minimis Safe Harbor for Tangible Property
2. 6770 Expenses You Cannot Deduct, Net Profit or Loss, & Operating Losses (NOLs)
3. 6772 Net Profit or Loss, & Operating Losses (NOLs) Example
1. 6775 Self-Employment (SE) Tax - Who Must Pay SE Tax Part 1
2. 6776 Self-Employment (SE) Tax - Who Must Pay SE Tax Part2
3. 6778 Reporting Self-Employment Tax Example
1. 6780 Qualified Business Income Deduction
2. 6785 Qualified Business Income Deduction Example

About this course

$100.00
87 lessons
36 hours of video content

Description

This course is designed to provide a thorough understanding of Schedule C, the form used by sole proprietors to report income and expenses for their small business. Drawing extensively from the Tax Guide for Small Business 2023, this course covers the essentials of completing Schedule C, ensuring participants can accurately report their business income and deductions. Ideal for small business owners, self-employed individuals, and tax professionals, this course will equip you with the knowledge needed to navigate the complexities of small business taxes.

Topics Covered

The course begins with an introduction to Schedule C, explaining its purpose and importance in the tax filing process for sole proprietors and self-employed individuals. Participants will learn about the criteria for using Schedule C and the implications for their overall tax return.

The course will then focus on gross income, teaching participants how to accurately determine and report their business income. This includes understanding what constitutes business income, handling different types of income (such as sales and services), and the importance of keeping accurate records.

Business expenses are a significant part of Schedule C, and this course will provide an in-depth exploration of the various expenses that can be deducted. Participants will learn to distinguish between ordinary and necessary expenses and understand the rules and documentation requirements for deducting advertising costs, car and truck expenses, contract labor, depreciation and Section 179 expenses, and employee wages.

Additional topics include reporting costs for supplies, office expenses, utilities, insurance, and other operational expenses. The course will also cover how to handle home office deductions, bad debts, and other less common deductions specific to small businesses.

Participants will gain practical knowledge on completing each section of Schedule C, from Part I (Income) to Part V (Other Expenses), with detailed explanations and examples. This comprehensive approach ensures that by the end of the course, participants will be equipped to accurately prepare and file Schedule C, maximizing their deductions and ensuring compliance with tax regulations.

By the end of this course, you will have a comprehensive understanding of how to report business income and expenses on Schedule C, allowing you to accurately prepare and file your small business taxes with confidence.