This course covers Schedule C from start to finish and will cover all of the typical scenarios tax pros are likely to encounter and explains the below in detail:
- 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
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: September 18, 2024
33 Reviews (169 ratings)
Prerequisites
Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course.
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
.
Jason DinesenInstructor