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Introduction to Schedules C and E textbook (2022)

Introduction to Schedules C and E textbook (2022)

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Overview

Description:

This book is for preparing 2022 taxes. If you’ve established the fundamentals of individual tax returns, it’s time to 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. Learning these concepts and others will increase your skills as a tax professional and add value for your clients.

Topics include:

  • Determine whether a taxpayer’s activity is a hobby or a for-profit trade or business
  • Differentiate between capital assets and expendable repairs
  • Summarize the differences between MACRS, §179 and bonus depreciation
  • Distinguish 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
  • Report items on Schedule K-1 from a partnership and S corporation on Form 1040, and applicable schedules
  • Apply the basis, at-risk and passive activity loss limitations
  • Determine home office eligibility and prepare Form 8829, Expenses for Business Use of Your Home

Product Details:

Item Number: 22321

Level: Basic

Authors: NATP Staff

Published: 2022

Format: Print - 384 pages


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