Schedule C of Form 1040 ( 2024 Updates)

1:00 PM ET | 12:00 PM CT | 10:00 AM PT
July 2, 2024
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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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Jason Dinesen

Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on tax and accounting services for small businesses and individuals. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of multiple 1099 seminars. Dinesen majored in corporate communications with a minor in management fr...

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