Description:
This book is for preparing 2023 taxes. After establishing the fundamentals of individual tax returns, you can dive into the specifics of reporting business and rental income on Form 1040, U.S. Individual Income Tax Return. This course guides you through completing Schedule C, Profit or Loss From Business, for sole proprietors, Schedule E, Supplemental Income and Loss, for rental properties and reporting the pass-through activity from Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., for partners and Schedule K-1 (Form 1120-S), Shareholder’s Share of Income, Deductions, Credits, etc., for S corporation shareholders.
In addition, the text discusses how to determine if the taxpayer’s activity is a hobby or a for-profit trade or business, how to calculate the home office deduction, and how to determine the difference between deductible expenses and capitalizable repairs.
Topics include:
- Determining whether a taxpayer’s activity is a hobby or a for-profit trade or business
- Differentiating between capital assets and expendable repairs
- Summarizing the differences between MACRS, §179 and bonus depreciation
- Distinguishing between taxable and nontaxable income, and deductible and nondeductible expenses for sole proprietorships and rental activities
- Prepare Schedule C, Schedule SE, Self-Employment Tax, and Schedule E
- Reporting items on Schedule K-1 from a partnership and S corporation on Form 1040, and applicable schedules
- Applying the basis, at-risk and passive activity loss limitations
- Determining home office eligibility and prepare Form 8829, Expenses for Business Use of Your Home
Product Details:
Item Number: E23321
Level: Basic
Authors: NATP Staff
Published: 2023
Format: Electronic PDF - 389 pages
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Corresponding CPE Courses:
Get this e-book FREE when you purchase the corresponding 2023 course.
Purchase Info:
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