Schedule C of Form 1040 or 1040-SR
Author: Sidney Kess, Barbara Weltman
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
The focus of this two CPE hour course is on Schedule C of Form 1040 (sole proprietorship tax returns). Schedule C is applicable to those who file the basic Form 1040, as well as seniors age 65 and older who file Form 1040-SR instead of the basic 1040.
Publication Date: October 2019
Topics Covered
- General information
- Income on Schedule C
- Deductions on Schedule C
- Ancillary Issues
Learning Objectives
- Identify which taxpayer has to file Schedule C
- Explain how the home office deduction rules operate with respect to Schedule C
- Discuss ancillary tax issues facing Schedule C filers
- Describe correct statements about material participation of a sole proprietor
- Describe correct statements about reporting income
- Recognize which income items are reported as "Other Income" on line 6
- Identify under which situations Part IV of Schedule C is not used for reportingi nformation about a proprietor's vehicle
- Identify a deduction for employee benefit programs on line 14 include
- Recognize which types of expenses is reported on a designated line on Schedule C
- Identify conditions for using the optional method in figuring self-employment tax in 2019
- Recognize correct statements about the QBI deduction
- Recognize which forms may be needed to complete Schedule C
- Identify which types of legal fees are deductible on Schedule C
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
