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Description:

This book is for preparing 2022 taxes. This book provides tax preparers with the information needed to prepare sole proprietorship (Form 1040) tax returns. The text focuses on assessing if the taxpayer is in a trade or business, or a hobby, which items of income are taxable and which expenses are deductible, along with the preparation of Schedule C, Profit or Loss from Business. Additional topics covered are business vehicles and deductions related to their use, business use of home, depreciation, as well as the calculation of self-employment tax for the sole proprietor. 

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Topics include:

• Determine whether a taxpayer’s activity is a hobby or a for-profit trade or business
• Identify types of income and expenses reported on Schedule C
• Prepare Schedule C and Schedule SE, Self-Employment Tax
• Determine the business use of a vehicle and the substantiation requirements
• Compare and contrast standard mileage and actual vehicle expenses
• Summarize the differences between MACRS, §179 and bonus depreciation and prepare Form 4562, Depreciation and Amortization
• Determine home office eligibility and prepare Forum 8829, Expenses for Business Use of Your Home

Product Details:

Item Number: 22315

Level: Basic

Authors: NATP Staff

Published: 2022

Format: Print - 204 Pages

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