Description:

This book is for preparing 2023 taxes. This course 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:

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

Product Details:

Item Number: E23315

Level: Basic

Authors: NATP Staff

Published: 2023

Format: Electronic PDF - 209 pages

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Corresponding CPE Courses:

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