- NY Credits : 8.0
- TX Credits : 8.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 8.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 8.0
Individual Income Tax - Schedule C, E, and F Expenses
Some types of expenses are common to a variety of businesses and taxpayers while others are unique to very specific businesses and only available to taxpayers in certain circumstances. This course discusses expenses common to self-employed taxpayers and covers expenses incurred in the business of farming, expenses common to the fishing industry, and expenses incurred in the business of renting property. Discussed in detail are expenses such as meals and entertainment, travel, transportation, home office, and other business expenses. This course has been updated to include the two methods to calculate the deductions for the home office for tax years beginning on or after January 1, 2013: the simplified method known as the optional safe harbor method, and the calculation and substantiation of actual expenses, known as the standard method. Transportation expenses and the two methods a taxpayer may use to calculate them, regular (actual expenses) and optional (standard mileage rate), are discussed in detail. Presented are various examples for completing Schedules C, E, and F, as well as depreciation calculations and the transportation and travel expense worksheets for Schedules C, E, and F. This course has been updated for the Tax Cuts and Jobs Act.
This course is most beneficial to professionals new to individual income taxes who may be at the staff or entry level in organization but also for a seasoned professional with limited exposure to individual income taxes.
Upon successful completion of this course, the user should be able to:
calculate and report self-employed taxpayer expenses,
calculate and report expenses for fishers and farmers, and
calculate and report rental real estate expenses.