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| Author : | Paul Winn, CLU, ChFC |
| Course Length : | Pages: 41 ||| Word Count: 20,435 ||| Review Questions: 9 ||| Final Exam Questions: 15 |
| CPE Credits : | 3.0 |
| IRS Credits : | 3 |
| Price : | $26.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 2075 |
| Description : | There is little doubt in the minds of many observers that the world of work—an environment in which a legion of wage earners commute to an employer's office or worksite to toil from 9 to 5—is changing, and that impression is bolstered by recent studies. Among those studies is a Gallup report titled “The Gig Economy and Alternative Work Arrangements.” The changing nature of work for many taxpayers is likely to have an effect on tax preparers' need to prepare Schedule C. The gig economy, an economy characterized by multiple types of alternative work arrangements including independent contractors, online platform workers, contract firm workers, on-call workers, and temporary workers, engages 36% of U.S. workers. Gallup, in its report, also estimates that 29% of all workers in the U.S. have an alternative work arrangement as their primary job. Whether the strength of the gig economy is due to the flexibility and freedom it affords, the fewer limits on income it exerts compared to being a wage earner or results from some other advantage it offers, it seems clear that, barring a cataclysmic event affecting the economy, the gig economy is here to stay and intent on growing larger with each year. With that growth is the likely growth of tax preparers' need to be familiar with preparation of Schedule C. |
| Usage Rank : | 26364 |
| Release : | 2024 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
About Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship)
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 09-Feb-2024 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 2075 |
| Keywords : | Taxes, Navigating, Form, 1040, ScheduleC, cpe, cpa, online course |
| Learning Objectives : |
Course Learning Objectives Upon completion of the course, the student should be able to:
Chapter 1
Chapter 2
Chapter 3
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| Course Contents : | Course Learning Objectives Introduction to the Course Chapter 1 - Elements of Proprietor Income Learning Objectives Introduction When is a Taxpayer Considered Self-Employed Schedule C, Profit or Loss from Business Business Income Defined Completing Schedule C Gross Receipts or Sales – Line 1 Statutory Employees Installment Sales Situations Where the Installment Method Isn't Permitted Decisional Factors in Selecting or Rejecting the Installment Method Determining The taxpayer’s Installment Sale Total Gain Reporting the Sale on The taxpayer’s Tax Return Determining Installment Sale Income Applicable Federal Rate Reporting Interest Determining Recognized Revenue using the Installment Method Returns and Allowances – Line 2 Cost of Goods Sold (COGS) – Line 4 Figuring COGS for Merchant Clients Beginning Inventory - Line 35 Purchases - Line 36 Trade Discounts Cash Discounts Purchase returns and allowances and Merchandise Withdrawn from Sale Cost of Labor - Line 37 Materials and Supplies – Line 38 Other Costs – Line 39 Inventory at Year End – Line 41 Cost of Goods Sold – Line 42 Gross Profit – Line 5 Other Income – Line 6 Gross Income – Line 7 Summary Chapter 1 Review Chapter 2 - Elements of Proprietor Part II Expenses Learning Objectives Introduction Business Expenses Completing Schedule C, Part II – Expenses Advertising – Line 8 Car and Truck Expenses – Line 9 Commissions and Fees – Line 10 Contract Labor – Line 11 Depletion – Line 12 Mineral Property Depletion Cost Depletion Figuring the Cost Depletion Deduction Percentage Depletion Depreciation & Section 179 Expense Deduction – Line 13 Bonus Depreciation Luxury Auto Depreciation Limits Section 179 Expense Limits Attaching Form 4562 Listed property Exception to Listed Property Employee Benefit Programs – Line 14 Insurance – Line 15 Interest – Line 16 Legal and Professional Services – Line 17 Office Expenses – Line 18 Pension and Profit Sharing Plans – Line 19 Rent or Lease of Property or Equipment – Line 20a & 20b Repairs and Maintenance – Line 21 Supplies – Line 22 Taxes and Licenses – Line 23 Travel – Line 24a Deductible Meals – Line 24b Standard Meal Allowance Utilities – Line 25 Wages – Line 26 Other Expenses – Line 27a Summary Chapter 2 Review Chapter 3 - Business Use of a Home Learning Objectives Introduction Business Use of a Home Methods of Figuring the Home-Office Deduction Actual Expense Method Nature of the Expense Percentage of the Home Used for Business Calculating Percentage of Home Used for Business Deductible Expenses for Home-Office Deduction Expenses Deductible by All Homeowners Expenses Deductible only by Taxpayers Using a Home for Business Deduction Limit Simplified Method Depreciation and Actual Expenses Related to Use of Home not Deductible No Deduction of Actual Expense Carryover for Simplified Method Users Expenses Deductible Irrespective of Business Use Special Rules Applicable to Simplified Method Gross Income Limitation Recordkeeping Requirements Gross Receipts Inventory Expenses Summary Chapter 3 Review Glossary |
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