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Introduction to Schedules C and E Textbook (2020) - #20321

Introduction to Schedules C and E Textbook (2020) - #20321

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Description:

This textbook 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 to take their skills to the next level. It introduces and breaks down core tax concepts beyond the basics. You'll 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 value as a tax professional.

Introduction to Schedules C and E covers:

  • Calculating basis of assets, know what causes basis adjustments and how to make them
  • Articulating 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 how to calculate depreciation including bonus and §179 expensing
  • Identifying the difference between a deductible repair and a depreciable improvement
  • Determining what qualifies as QBI and calculate the QBID
  • Determining business use of home eligibility and calculating the deduction
  • 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 reporting 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
  • Recognizing 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 - Intermediate level

Author: NATP Staff

Publisher: NATP

Publication Date: 2020

Format: Print - 430 Pages


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