Sole Proprietors and Single-Member LLCs – 2017 Law – Self-Study
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.
- 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
At 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
2017 Tax Law
Ends: Saturday, July 31, 2021 11:59 PM (PST)
Started: Tuesday, December 18, 2018 11:59 PM (PST)
Ended: Sunday, July 31, 2022 11:59 PM (PST)
|IRS (Federal Tax Law)||11 Hours|
|Oregon Tax Board||11 Hours|
Field of Study
Basic tax knowledge
IRS Federal Program Number
Meet Your Instructor
April Gutierrez, Enrolled Agent:
Known for her entertaining speaking style and ability to make a complex subject easy to understand, April is frequently invited to speak to business groups and news media on tax-related topics. She has a B.A. in Communication Studies from Murdoch University in Perth, Australia. She obtained her Oregon LTC in 1995.
April resides in Portland, Oregon, with her husband Jess and their two sons. Her pastimes include gardening, travel, and playtime with her Arabian horse, Fancy.
Any Time, Anywhere
Our online Learning Management System (LMS), offers you the flexibility to study at your own pace while still enjoying many of the benefits of a live classroom.
- Watch lecture video recordings of live instructor-led classes.
- Break to complete classwork and quiz assignments as instructed.
- If you have a question or need help understanding your assignments, use our Q&A forum to post questions and receive answers from your instructor.
- Complete assignments and tests then submit your answers online.
Advance Preparation Required
Our site requires an up-to-date Adobe Flash® Player and use of a high-speed Internet connection. To ensure your learning experience is worthwhile and productive, we ask all students to take the time to become familiar with our site before attending class.
Recommended Minimum Requirements
The following requirements are recommended for using this site. Few students have reported success while operating outside of these requirements, therefore these are provided as a guideline for troubleshooting if you are having difficulties viewing or operating in this site.
*Your operating system should be fully updated.
If you encounter log in or video viewing difficulties, we strongly recommend you install Google Chrome.
|Connection:||Broadband (512 Kbps+). Mobile hotspots are NOT supported.|
The latest of the following:
|Peripherals:||Headphones and/or Speakers|
Disclosures and School Policies
Terms of Enrollment
Pacific Northwest Tax School’s course materials and teaching techniques are valuable proprietary information of Pacific Northwest Tax School, and all such information is subject to copyright, including written, recorded, internet based as well as all other electronic media. Each Student agrees that she/he will use the information only for purposes of education and training; and as a condition of enrollment, that they will not disseminate the information to any third party and will treat the materials as confidential information of Pacific Northwest Tax School. As a condition of enrollment, Students pledge not use any information in any competitive fashion, including to create or derive competitive materials. Students further agree that any breach of these terms and conditions shall cause the school irreparable harm, entitling Pacific Northwest Tax School to injunctive relief, as well as any other remedy that may be available at law or equity. Students taking continuing education courses shall have twelve months from date of enrollment to successfully complete the course and receive their Certificate of Completion. Students taking the federal only portion or the Oregon 80 Hour Basic Tax Course students have nine months from the date of enrollment to sucessfully complete the course.
Basic Tax Law
Students taking any Basic Tax Law course, agree to comply with all Terms of Enrollment outlined the enrollment agreement form for that course, a link to which can be found on the catalog page for each Basic Tax course.
Prerequisites & Advance Preparation
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/
Continuing professional education courses including interactive, non-interactive and correspondence program fees are non-refundable and non-transferable. Webinars/Webcasts are non-transferable and in most cases non-refundable. A student may choose to be switched to another Webinar/Webcast of equal or lesser value if a conflict with the scheduled time exists. In the case of a missed Webinar/Webcast a request to transfer to a new Webinar/Webcast must be made with 48 hours of when the Webinar/Webcast aired. Refunds will be issued ONLY prior to the start of the Webinar/Webcast. A $15.00 processing fee will be withheld from all refund amounts. For more information regarding administration policies including complaints and refunds, please contact our offices at 503-646-5600.
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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.