This course covers Schedule C from start to finish and will cover all of the typical scenarios tax pros are likely to encounter.

Learning Objectives
  • Discover and understand when to use an employer identification number versus a Social Security number.
  • Identify and understand cash versus accrual accounting.
  • Identify when a proprietor needs to issue 1099s.
  • Recognize and understand what a Form 1099-K is, and the changes to the form for 2022.
  • Explore and understand how payments made through Venmo and other such apps work.
  • Discover and understand changes to meal expenses in general, and specific to 2022.
  • Identify and understand vehicle expenses.
  • Identify the differences between Section 179 expensing and bonus depreciation.
  • Recognize and understand home office expenses, including the simplified option.
  • Identify other proprietor deductions, including health insurance and retirement contributions.
  • Discover and understand the basics of the qualified business income deduction.
  • Explore and 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.
  • Discover and understand the IRS’s 9-factor test for determining if an activity is a hobby or a business.
Last updated/reviewed: August 17, 2023
22 Reviews (135 ratings)

Reviews

4
Anonymous Author
This course, Schedule C Updates, provided a lot of good information regarding income and expenses, deductions, where certain deductions are allowed (on Schedule C vs another section of the tax return). If you are new to preparing tax returns, this is definitely a course for you. If you are a seasoned tax preparer, there may be some details in this course that would be a good refresher for you as well.
3
Member's Profile
The exam question about the per diem was worded in a very confusing manner. It asked about deductible % and then 2 of the answers were dollar amounts. The exam answer regarding the simplified home office is wrong. The IRS limits the deduction to $1500 becauae the maximum square footage that can be used is 300 sq ft.
5
Anonymous Author
The course is a great overview of schedule C. I really think the instructor does a great job and keeps you engaged. Would highly recommend this course to others. Again, this is a very high-level course and does the job on each subject matter.
5
Member's Profile
This course was a good overview of schedule C; I will be searching for courses with more instruction on several of the important components he introduced. The instructor was easy to follow.
5
Member's Profile
I enjoyed this course and would recommend it to anyone who prepares tax returns. However, the slides have highlighter marks on them and were a little hard to read.
5
Member's Profile
the instructor is very knowledgeable, this course is going to help when doing the tax returns, looking forward to taking more classes with this instructor
4
Member's Profile
This course was very informative, easy to follow along, and great clear examples. The instructor spoke clearly and really understood the topic.
5
Anonymous Author
Very extensive information on the Schedule C. Very informative. Lots of information to cover in one class. Thanks.
5
Anonymous Author
Clear easy to understand review of the tax topics. Great discussion on the Tax acts for 2017 and Covid tax updates.
5
Anonymous Author
Good course, well presented, useful for people who have a small business or work as an independent contractor.
5
Anonymous Author
This course is a great refresher for the various items on Schedule C that sole proprietors deal with each year.
5
Member's Profile
Jason's course on Schedule C Updates was excellent. Very clear explanation of tax concepts & highly recommend.
5
Anonymous Author
good overview of the schedule c. most of it is common knowledge but a refresher is always good.
5
Member's Profile
Presentation was clear and concise. Supporting materials were laid-out well and relevant.
5
Member's Profile
Excellent instructor. Good review of Schedule C with good detail, context and examples.
5
Member's Profile
Very good overview. Style was good. Will listen to instructor’s other training.
5
Anonymous Author
Enjoyed the refresher re: Sch C, especially an update on 1099-K regulations.
5
Member's Profile
Lots of good information presented in a clear way that is easy to understand
5
Anonymous Author
very informative. Instructor was clear and concise. easy to listen to.
4
Member's Profile
One of the better courses presented with interest and examples used.
5
Anonymous Author
Great update and appreciate the slides. Good reference material.
4
Anonymous Author
A nice review of items to watch for on Schedule Cs.
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Prerequisites
Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course.
Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to Schedule C Update1:56
  SSN or EIN4:22
  Accounting Methods11:06
  Issuing 1099s and1099 K Interlude12:32
  Venmo and Other Payment Apps2:45
  1099s and Deductions6:16
  Meal Expenses and Vehicle Expenses12:46
  Section 179 and Depreciation11:18
  Other Proprietor Deductions11:46
MISCELLANEOUS Updates
  QBI Deductions11:16
  Net Operating Losses6:52
  Hobby Vs Business6:24
  Miscellaneous Updates1:10
CONTINUOUS PLAY
  Schedule C Updates1:40:29
SUPPORTING MATERIAL
  Slides: Schedule C UpdatesPDF
  Schedule C Updates Glossary/ IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam