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.
Tax Issues For The Self-Employed
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
- Recognize the primary entity types available to new businesses
- Identify the key steps in establishing a business
- Recognize the types of income a sole proprietor might receive
- Identify what is not considered income
- Determine the types of other income
- 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
- Identify the expenses included when calculating basis
- Recognize the methods for determining an asset’s depreciation
- Determine an assets convention for calculating depreciation
- 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.
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