This course discusses rules relating to reporting of income and expenses on Schedule C. Income and expense reporting on Schedule C frequently involves preparation of other tax forms such as Forms 4562, Depreciation & Amortization, and 4797, Sales of Business Property.

Topics Covered
• Overview of how small businesses are taxed
• Line-by-line instructions for completion of Schedule C
• Accounting methods
• Determining when a business must issue Form(s) 1099
• Form W-9 – Request for Taxpayer Identification Number and Certification
• Procedures for issuing Form(s) 1099 and issuance of “B” notices to payees who fail to provide a valid TIN
• IRS TIN matching process
• Overview of Form 1099 MISC
• Identifying and reporting business income amounts
• Determining the deductibility of business and expenses
• Automobile expense reporting requirements
• Definition of materials and supplies for 2014 and later years
• Family daycare provider businesses
• Cost of goods sold
• Business use of automobile
• Deductibility of business expenses
• Meal and entertainment expenses
• Determining your tax home for purposes of deducting travel expenses
• Figuring the deductible part of travel expenses for travel outside of the United States
• Daily per diem rates
• AMTRAK Act
• Form 4562 Depreciation and Amortization
• Cost of goods sold (COGS)
• Business gift expenses and the $25 limit
• Work-related education expenses
• Business use of home
• Line-by-line instructions for preparation of Form 8829 – Expenses for Business Use of Your Home
• Simplified option for home office deduction
• Domestic activities production deduction and instructions for Form 8903
• Employee payroll rules
• Payroll tax reporting
• Social Security Number Verification Service (SSNVS)
• Preparation of Schedule SE to figure self-employment tax under the regular and optional methods
• Local tax concerns
• Special rules relating to farm income
• Net operating loss rules
• Record-keeping and financial management for business owners