Schedule C Updates
SKU: 06-330-01-CPE
Credit Hours: 2
CPE Category: Taxes
CE Category: Federal Tax
Delivery Method: Online Video
Instructor: Jason Dinesen, LPA, EA
Course Description:
This course will cover Schedule C from start to finish and will cover all of the typical scenarios tax pros are likely to encounter.
This course will cover the following learning objectives:
- Understand when to use an employer identification number versus a Social Security number
- Understand cash versus accrual accounting
- Identify when a proprietor needs to issue 1099s
- Understand what a Form 1099-K is, and the changes to the form for 2022
- Understand how payments made through Venmo and other such apps work
- Understand changes to meal expenses in general, and specific to 2022
- Understand vehicle expenses
- Identify the differences between Section 179 expensing and bonus depreciation
- Understand home office expenses, including the simplified option
- Identify other proprietor deductions, including health insurance and retirement contributions
- Understand the basics of the qualified business income deduction
- Understand the basics of net operating losses, excess business losses, and the Families First Coronavirus Response Act credit
- Identify when an activity is a hobby versus when it is a business
- Understand the IRS’s 9-factor test for determining if an activity is a hobby or a business