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Introduction to Schedules C and E E-book (2021) – PDF Version - #E21321

Introduction to Schedules C and E E-book (2021) – PDF Version - #E21321

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Overview

Description:

Take your tax preparation skills to the next level. This ebook is ideal for the tax preparer who knows the basics of tax preparation, but now realizes there are a seemingly never-ending number of tax forms and concepts to learn. You will learn how to navigate the client’s records and prepare a return for a sole proprietorship, a rental property activity, and pass-through income from Schedule K-1s. The ability to prepare these types of activities will increase your skills as a tax professional and add value for your clients.

View Table of Contents.

Topics include:

  • Calculating basis of assets
  • Applying basis adjustments
  • Identifying the importance of basis tracking by the tax professional
  • Determining material participation in an activity and why this is important
  • Differentiating between taxation of passive income and nonpassive income
  • Identifying when assets are depreciated, and know how to calculate depreciation including bonus and §179 expensing
  • Identifying the difference between a deductible repair and a depreciable improvement
  • Determining what qualifies as Qualified Business Income (QBI)
  • Calculating the Qualified Business Income Deduction (QBID )
  • Determining business use of home eligibility
  • Calculating the deduction for business use of home
  • Determining whether a taxpayer’s activity is a hobby or a for-profit business venture
  • Completing Schedule C, Profit or Loss From Business
  • Completing Schedule SE, Self-Employment Tax
  • Completing Form 4562, Depreciation and Amortization
  • Completing Form 8829, Expenses for Business Use of Your Home
  • Identifying and report rental income and allowable rental expenses
  • Determining the depreciable basis of property used in a rental activity
  • Applying the vacation home rules
  • Determining eligibility for the special $25,000 loss allowance
  • Categorizing who meets the qualifications to be a real estate professional
  • Identifying when a rental is eligible for the QBID
  • Analyzing royalty income to determine whether to report on Schedule E or Schedule C
  • Calculating the shareholder’s stock and debt basis in the S corporation
  • Determining how much of a pass-through loss is deductible after applying the basis, at-risk and passive activity limitations
  • Reporting various pass-through items from Schedule K-1 from a partnership and S corporation on Form 1040, and applicable schedules
  • Completing Form 8995, Qualified Business Income Deduction Simplified Computation

Product Details:

Level: Basic

Authors: NATP Staff

Published: 2021

Format: Electronic PDF - 416 Pages


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