The objective of the Sole Entrepreneur & Schedule C course is to provide the knowledge needed to assist tax preparers in completing and filing the Schedule C, form 1040 and all schedules and Forms associated with the end of year tax requirements for the single-member LLC, as well as the knowledge to be able to provide guidance and advise to business tax clients. Upon completion of this course, participants should be able to;
1. Complete a Schedule C.
2. Identify the correlation between Schedule C and 1040.
3. Review the types of income and expenses that are a part of Schedule C.
4. Complete Schedule SE; Form #4562 - Depreciation & Amortization; and Form #4797 - Sale of Business Property.
5. Advice taxpayers on the information needed to complete Form #8829 - Expenses for Business Use of Your Home.
6. Advise clients on estimated tax payments
7. Differentiate between standard mileage and actual vehicle expenses and help taxpayer to determine the one that would be the best for them and record keeping.
- Part II Expenses
- 8 - Advertising
- 9 - Car & Truck
- 10 - Commissions and Fees
- 11 - Contract Labor
- 12 - Depletion
- 13 - Depreciation
- 14 - Employee Benefits
- 15 - Insurance (other than health)
- 16 - Interest
- 17 - Legal & Professional Services
- 18 - Office Expenses
- 19 - Pensions & Profit-Sharing Plans
- 20 - Rent/Lease
- 21 - Repairs & Maintenance
- 22 - Supplies
- 23 - Taxes & Licenses
- 24 - Travel & Meals
- 25 - Utilities
- 26 - Wages
- 27 - Other Expenses
- Chapter 5 Quiz