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

Objectives

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:

CPE Tax

Term:

2017 Tax Law

Registration Status:

Registration Open

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

Course Status

Available

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

Taxes

Program Level

Intermediate

Prerequisite

Basic tax knowledge

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Students intending to write the Oregon State Tax Exam, must be at least 18 years of age, and have High School Diploma or GED. Students using our self-paced internet based program should prepare for classes by downloading and printing course materials. For more information including detailed course descriptions and learning objectives, view the details of each course, located on Pacific Northwest Tax School’s catalog pages at: https://www.pnwtaxschool.com/list-of-all-courses/

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Manuals distributed and programs sponsored by Pacific Northwest Tax School are designed to teach application of tax laws. Pacific Northwest Tax School works to provide accurate and timely material to students, however the school does not have any responsibility if human and/or mechanical error exists.  Accordingly, no assurance is given by Pacific Northwest Tax School that such information is totally comprehensive or accurate in its coverage of such subject matter. Information published or sponsored by Pacific Northwest Tax School should not be relied upon as a substitute for independent research to original sources of authority such as the Internal Revenue Code, IRS Publications and Internal Revenue Rulings. Pacific Northwest Tax School, its authors, and instructors do not render legal, accounting, or other non-educational professional advice. If legal advice or other expert assistance is required, the services of a competent professional should be sought.  Credit hours are subject to change without notice.

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