Sole Proprietors and Single-member LLCs – 2017 Law – Course Manual Only

Course Content

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.

The homework assignment incorporates some more advanced concepts from other courses. It is recommended students complete our course “Sale of Assets (Schedule D & Form 4797)” prior to attempting this course.

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


By the conclusion of this course you should be able to:

  • Describe how married filers who jointly own a business can elect to file as a qualified joint venture
  • Provide identification and disclosure information for a business on Schedule C
  • Determine if you are required to have an employer identification number (EIN) and how to apply for one
  • Select an accounting method for your business and determine if your business should use the cash or accrual method of accounting
  • Determine if your business is required to issue Form 1099-Misc to persons you make payments to
  • Identify the types of payments that must be reported on Form 1099-Misc
  • Explain when Form 1099-K Payment Card and Third Party Network Transactions is issued to a tax payer
  • Explain procedures for issuing “B” Notices and doing back-up withholding when a person to whom you make payment fails to provide you with a valid TIN
  • Describe systems the IRS uses to match the name and TIN reported on a tax return to the records it has on file
  • Differentiate between deductible and nondeductible expenses, and explain how to report income and expenses from self-employment on Schedule C
  • Describe rules relating to the deductibility of travel, meal and entertainment expenses
  • Calculate per-diem meal expense deductions for travel inside the United States and for travel outside of the United States
  • Explain special rules which relate to travel expenses for transportation workers
  • Determine if you qualify to claim deductions for expenses related to office use of home
  • Figure the amount of home office deduction you can claim using Form 8829 and the Simplified Method
  • Describe special procedures relating to per diem meal expenses and home office deductions that apply to home day care providers
  • Outline special reporting requirements for business use of autos
  • Calculate self-employment tax on Schedule SE
  • Calculate the domestic production activities deduction on Form 8903
  • Identify some of the unique provisions that apply towards farming income
  • Describe steps used to determine if you have a net operating loss
  • Identify payroll reporting requirements for businesses which have employees
  • Advise taxpayers on record-keeping requirements and describe different methods of tracking expenses that will support income and deduction items claimed on a tax return

The course manual is delivered as a PDF document which you can download and print.


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Section 8.1

Course Manual Only

Course Type:



2017 Tax Law

Registration Status:

Registration Open

Ends: Thursday, August 15th, 2019 11:59 PM (PDT)

Course Status


Started: Wednesday, August 15, 2018 11:59 PM (PDT)

Ends: Saturday, August 15th, 2020 11:59 PM (PDT)

Course Length:

0 Hours

Course Fees:

Course Materials $14.99
Total $14.99

Course Credits:   0

No CE is awarded with the purchase of this manual. You must enroll in and complete the full version of this course to received CE.

Field of Study


Program Level



Basic tax knowledge

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