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Introduction to Schedule C Textbook (2021) - #21315

Introduction to Schedule C Textbook (2021) - #21315

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Overview

Description:

This textbook helps tax professionals who are new to sole proprietorship tax preparation. It focuses on individual income tax issues and the preparation of Schedule C, Profit or Loss from Business. Additional topics covered are business vehicles, business use of home and depreciation.

View Table of Contents.

Topics include:

  • Determining whether a taxpayer’s activity is a hobby or a for-profit business venture
  • Identifying types of income and expenses reported on Schedule C
  • Completing Schedule C, Profit or Loss From Business
  • Completing Schedule SE, Self-Employment Tax
  • Determining the business use of a vehicle and the substantiation requirements
  • Determining whether a taxpayer should claim standard mileage or actual vehicle expenses
  • Identifying the §179 expense election and limitations
  • Identifying allowable depreciation methods, including MACRS, GDS, ADS and bonus depreciation
  • Completing Form 4562, Depreciation and Amortization
  • Determining eligibility for a deduction for business use of the home
  • Completing Form 8829, Expenses for Business Use of Your Home

Product Details:

Level: Basic

Authors: NATP Staff

Published: 2021

Format: Print - 215 Pages


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