Description

Many self-employed or sole proprietors find themselves having to navigate Schedule C in reporting business income.Schedule C is applicable to those who file the basic Form 1040, as well as seniors age 65 and older who file Form 1040-SR instead of the basic 1040.While this attachment to Form 1040 seems straightforward on the surface, there are many traps for the unwary.This webinar will communicate updated requirements for the Schedule C as well as common pitfalls and how to avoid them.

Correctly reporting income, expenses and deductions on a Schedule C is not an simple task.This webinar will outline current requirements and provide guidance on navigating common pitfalls when completing the 1040 attachment.

Learning Objectives:

Identify the appropriate taxpayers who should be filing Schedule C
Recognize how to differentiate between the cash and accrual method, and the correct period in which taxpayers must recognize income and/or deductions
Recognize how to develop a working knowledge of related issues; such as reporting the deduction of self-employed health insurance, employment taxes, home office deductions, and proper reporting of employee/independent contractor salaries, and retirement contributions
Describe types of typical deductions, such as advertising, utilities, supplies, etc
Recognize how to determine the methods of deducting the cost of a company car
Identify how to apply the rules, such as Section 179 or bonus depreciation, which permit the immediate expensing of some or all of the cost of certain assets
To analyze and select the most appropriate retirement planning options available to sole proprietors, such as SEP, SIMPLE, or 401(k) plans, to secure long-term financial stability

Area Covered in this session:

Who Files Schedule C?
Cash vs. Accrual Methods
Deductions
Special Issues for Self-Employed
Depreciation & SEC. 179 Deduction
Net Operating Losses
Excess Business Losses
Live Q&A session will be held after the event

Who Should Attend?

CPA, EA, attorney, and staff
Tax department
CFOs and controllers
Accounts payable and accounting managers
Public accountants
Sole Proprietors

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