Description:

This book is designed to help 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, and other major related forms. Schedule C (also known as Form 1040) is used to report income or loss from a business or profession practiced as a sole proprietor. Also covered are business vehicles, business use of home and depreciation.

Introduction to Schedule C covers:

• Determining whether a taxpayer’s activity is a hobby or a for-profit business venture.
• Types of income and expenses reported on Schedule C.
• Completing Schedule C and Schedule SE.
• Business use of a vehicle and applying the vehicle use substantiation requirements.
• Determining whether a taxpayer should claim standard mileage or actual vehicle expenses.
• The §179 expense election and limitations.
• Allowable depreciation methods, including MACRS, GDS, ADS and bonus depreciation.
• Determining eligibility for a deduction for business use of the home.
• Completing Forms 4562 and 8829.

Product Details:

Level: Basic level

Author: NATP Staff

Publisher: NATP

Publication Date: 2019

Format: Print

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Corresponding CPE Courses:

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

Introduction to Schedule C Self-Study Course