Income Tax – Schedule C Small Business Sole Proprietor

Small business income taxes generally reported on schedule C course including examples using actual tax forms to understand income tax concepts better.

We will discuss who is required to file a schedule C for small business income and who is self-employed.

The course will discuss new tax changes for 2018 related to small businesses.

We will discuss what self-employment tax is, how to calculate it, and how to report it.

The course will cover which tax forms a self-employed business will generally need to file and how the forms are related to each other, using actual tax forms as an example.

We will discuss different accounting methods and periods including the cash method and the accrual method and when the tax code may require one method versus another as well as when the tax code requires a deviation from the accounting method used.

The course will discuss what is included in business income and the types of business income.

We will discuss the components of cost of goods sold, how to calculate cost of goods sold, and look over the tax forms related to the cost of goods sold calculation.

The course will discuss many common business expenses. Including

· Car and truck deduction

· Depreciation deduction

· Employees’ pay deduction

· Insurance deduction

· Interest deduction

· Legal and professional fees deduction

· Pension plans deduction

· Rent deduction

· Taxes deduction

· Travel and meals deduction

· Business use of your home

· Other Expenses you can deduct