Continuing Education

MASTERING TAX PREPARATIONS FOR SOLE PROPRIETORSHIPS
412 pages + optional open-book final exam

Members pay $49
Non-members pay $59

Section 1: Introduction. How Schedule C and related forms work.

Section 2: How to provide key data. A quick primer on filing key demographic and other facts about the business.

Section 3: Gross income. Taxing income from operations. How to complete Lines 1 - 6. Clear examples make it easy.

Section 4: Computing COGS. Cost of goods sold for tax purposes. How to complete Part III of Schedule C.

Section 5: Business expenses. Wages, transportation, utilities, rent, etc. Related-party deduction rules.

Section 6: Car and truck expenses. Computing deductible vehicle expense. Actual cost v. standard mileage rate methods.

Section 7: T&E, meal and gift expenses. Reimbursing employee expenses. Business gifts. Recordkeeping requirements.

Section 8: Retirement and benefit plans. Keogh, SEP, employee fringe deductions. Self-employed health insurance.

Section 9: Depreciation and amortization. MACRS, ACRS, other methods. Section 179. Amortizing intangibles. Form 4562.

Section 10: Bad debt expense. When a debt is partially v. totally worthless. Accounting method. When bad debts are recovered.

Section 11: Deducting other taxes. Maximizing real estate, payroll, sales and other state and local tax deductions.

Section 12: Deducting interest expense. Borrowing against the proprietor's residence. Capitalization rules. Timing deductibility.

Section 13: Deducting home-office expenses. Requirements. Computing the deduction. How to prepare Form 8829.

Section 14: Computing self-employment tax (Schedule SE). Preparing Schedule SE. Computing/deducting self-employment tax.

Section 15: Business property sales. Real v. personal property. Form 4797. Depreciation recapture. Sec. 1231 gains, losses.

Section 16: Do a comprehensive example. Apply the full course to a single large example of completing Schedule C.