If you carry on a trade or business as an LLC, an independent contractor, or a sole proprietor, you are self-employed. Your tax return will include Form 1040 and a Schedule C, Profit or Loss from Business, along with other applicable forms. This course focuses on the Schedule C and utilizes step by step instructions starting with the computation of gross income and deduction of expenses to arrive at net profit or loss on Form 1040.
Program # A5BAX-E-00107-23-S
Course Content
Small Business Schedule C Top of the Form
1.0.Learning Objectives
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1.1.INTRODUCTION TO SCHEDULE C
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1.2.Sole proprietorship: What is it and how to form?
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1.3.Who has to file a Schedule C?
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1.4.Business Information and Activity (Lines A-J)
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Part I – INCOME
Part I -Business Income (Lines 1-7)
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Part II-Expenses and Part V—Other Expenses
3.0.Part II and Part V Learning Objectives
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3.1.Profit Motive (or Objective)
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3.2.Expenses
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3.3.Line 13: Depreciation and section 179
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3.4.LINE 24: Travel and Meals
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3.5.Line 30: Business Use of Home (regular vs. simplified method)
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3.6.Line 31: Net profit (or loss)
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Car and Truck Expenses – Video – Drake
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Part III – Cost of Goods Sold
4.0 Learning Objectives
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4.1.Line 33-Line 42
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PART IV: Information on Your Vehicle
5.0.Learning Objectives
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5.1.Line 43-47
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FINISHING THE TAX RETURN
6.0.Learning Objectives
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6.1.What Is the Self-Employment Tax?
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