Tax Issues For The Self-Employed

//Tax Issues For The Self-Employed
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Tax Issues For The Self-Employed

Most small businesses are sole-proprietorships or a business that is run by an individual with no legal distinction between the business and the individual that runs it.  These businesses report their income using Schedule C or Schedule C-EZ.  Preparers need to know the ins and outs of business related expenses, especially with respect to equipment and property. Small business owners are rarely familiar with the IRS regulations that concern their business practices. Preparers can aid their clients by knowing which questions to ask, what records to keep and how to interpret the information their clients bring with them.

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Product Description

This course is divided into the following five lessons:

  • Lesson 1 – Self-Employment Overview
  • Lesson 2 – Income
  • Lesson 3 – Expenses
  • Lesson 4 – Depreciation
  • Lesson 5 – Other Considerations

Learning Objectives

Lesson 1

  • Recognize the primary entity types available to new businesses
  • Identify the key steps in establishing a business

Lesson 2

  • Recognize the types of income a sole proprietor might receive
  • Identify what is not considered income
  • Determine the types of other income

Lesson 3

  • Recognize the types of expenses a sole proprietor may deduct
  • Identify the types of other expenses and where the sole proprietor claims these expenses
  • Identify expenses that cannot be deducted on the sole proprietor’s tax return
  • Identify how Cost of Goods Sold is determined
  • Recognize the difference between a capital and an ordinary deduction
  • Identify the expenses that are considered startup cost and determine how they are reported
  • Identify the expenses eligible for the business use of home calculation
  • Determine the simplified option for home office deductions
  • Recognize the profit factors used by the IRS to determine if a business is for profit or a hobby
  • Calculate the new QBI deduction

Lesson 4

  • Identify the expenses included when calculating basis
  • Recognize the methods for determining an asset’s depreciation
  • Determine an assets convention for calculating depreciation

Lesson 5

  • Identify the asset type for sales of business assets
  • Recognize the due dates for estimated income tax payments
  • Identify the occupations that qualify their workers to be treated as statutory employees

Publication Date: August 2018

IRS Course #: A360U-T-00101-18-S

Program Level: Overview. This course provides a general overview of the subject matter from a broad perspective.  It is suitable for tax professionals at all organization levels.

Prerequisites/Advanced Preparation: Form 1040 tax preparation.

Delivery Method: QAS Self-Study

License Term:  180 days

CPE/CE Credits: CE Federal Tax Law, IRS 2 CE Federal Tax Law. One 50- minute period equals one CPE/CE Credit Hour.

Field of Study: IRS – Federal Tax Law

Passing Grade: Participants who answer a minimum of 70% correct on the final exam will receive a Certificate of Completion.

Record Retention: As an IRS-approved provider of continuing education The Tax University will report successful completion of this course to the IRS.  You can access and view all completed continuing education credits through your online PTIN account.

Complaint Resolution Policy: Please contact our customer service department at 1-434-227-4480.

Refund Policy: 30-day money back guarantee.  For refund assistance, please contact our customer service department at 1-434-227-4480.

Price: $59

The Tax University Offers Substantial Discounts When You Purchase Multiple Courses! All Discounts Appear At The Bottom Of The Order Page When More Than One Course Is Selected.

Click Here To Order the CE Course Tax Issues for the Self-Employed

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