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