Description:

This book is for preparing 2023 taxes. This book provides tax preparers with the information needed to prepare sole proprietorship tax returns. The text focuses on assessing if the taxpayer is in a trade or business, or a hobby, which items of income are taxable and which expenses are deductible, along with the preparation of Schedule C, Profit or Loss from Business. Additional topics covered are business vehicles and deductions related to their use, business use of home, depreciation, the calculation of self-employment tax and the preparation of Schedule SE, Self-Employment Tax.

Topics include:

• Determining whether a taxpayer’s activity is a hobby or a for-profit trade or business
• Identifying types of income and expenses reported on Schedule C
• Preparing Schedule C and Schedule SE, Self-Employment Tax
• Determining the business use of a vehicle and the substantiation requirements
• Comparing and contrast standard mileage and actual vehicle expenses
• Summarizing the differences between MACRS, §179 and bonus depreciation and prepare Form 4562, Depreciation and Amortization
• Determining home office eligibility and prepare Forum 8829, Expenses for Business Use of Your Home

Product Details:

Item Number: 23315

Level: Basic

Authors: NATP Staff

Published: 2023

Format: Print - 208 pages

Nonmembers – Join Now, Save More!

Corresponding CPE Courses:

Get the e-book FREE when you purchase the corresponding 2023 course.