Schedule C

This course encompasses how the sole proprietor reports income. Sole proprietorship is the most popular business structure. A sole proprietorship is indistinguishable from its owner, and all income earned is reported by the owner. Schedule C is the reporting tool for most sole proprietors. Covered in the course is line by line instruction to complete the Schedule C.

Objectives

At the end of this course, the student will be able to do the following:

• Identify the differences between accounting periods and accounting methods.
• Understand the guidelines between an independent contractor and an employee.
• Explain when to use Schedule C-EZ and when to use Schedule C.
• Recognize what determines start-up costs.

Field of Study: Federal Tax Law 2 Hours
Course Level: Intermediate
Prerequisite: General tax preparation knowledge is required
Delivery Method: Self-Study

IRS: 15G0B-T-00448-20-S
CTEC: 2080-CE-0086