- NY Credits : 9.0
- TX Credits : 9.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 9.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 9.0
Small Business Schedule C and F Expenses
Are you overlooking important issues when it comes to tax returns for sole proprietors and farmers? This course explores Form 1040, Schedule C (for sole proprietors) and Schedule F (for farmers), incorporating important new legislation from Tax Provisions of the Energy and Transportation Acts of 2005, the Gulf Opportunity Zone and Katrina Emergency Tax Relief Acts of 2005, the Tax Increase Prevention and Reconciliation Act of 2005, The Pension Protection Act of 2006, The American Taxpayer Relief Act of 2012, The Affordable Care Act, The Tax Increase Prevention Act of 2014, The Protecting Americans from Tax Hikes Act of 2015 and The Tax Cuts and Jobs Act of 2017. The course provides insight into depreciation and Section 179 expenses that can be deducted for sole proprietors and farmers, and reviews agricultural revenue sources and operating expenses. It examines the costs that must be capitalized and those that can be deducted immediately. It also provides instruction on calculating the proper personal and business deductions for home offices and motor vehicles. Employee benefits, wages, and payroll taxes are covered as well as travel expenses and their related restrictions and reporting requirements. In addition, this course provides an introduction to retirement plans, including individual retirement accounts (IRAs), simplified employee pension (SEP) plans, salary reduction SEP (SARSEP) plans, and qualified plans. This course is most beneficial to professionals new to small business Schedule C and F expenses who may be at the staff or entry level in organization but also for a seasoned professional with limited exposure to these types of expenses.
Upon successful completion of this course, the user should be able to:
identify personal and business expenses,
determine depreciation deductions,
define employee expenses,
identify travel expenses,
identify farm expenses, and
define retirement plans.