Income Tax – Schedule C Small Business Sole Proprietor

Small business, schedule C income tax preparation using actual tax forms for examples including form 1040, Schedule SE

4.25 (246 reviews)
Udemy
platform
English
language
Other
category
11,451
students
22 hours
content
May 2022
last update
$109.99
regular price

What you will learn

What It Means to Be Self-Employed

How to Report Self Employment Income

Filing and Paying Business Taxes

Identification Numbers Including EIN Number

Self-Employment (SE) Tax

Employment Taxes

Accounting Periods and Methods

Business Income & Expenses

How To Figure Cost of Goods Sold

Car and Truck Expenses

Depreciation Expense

Employees' Pay Expense

Insurance Expense

Interest Expense

Legal and Professional Fees Expense

Rent Expense

Pension Plans Expense

Taxes Expense

Travel and Meals Expense

Business Use of Your Home

Other Expenses You Can Deduct

Description

This course will focus on tax preparation for taxpayers who have self-employment incomed generally reported on a Schedule C.

We will look at each new concept from multiple angles, starting with a presentation discussing the topic and then looking at examples to better understand the concepts in action.

The example section will use tax forms to work problems and an accounting equation method using Excel so learners will understand the impact on the actual tax return and visualize the concepts using a tax formula.

Sole proprietorship income reported on Schedule C adds significant complexity to income tax preparation. This course will start by introducing the complexity of Schedule C to the tax return, identifying the primary areas that will change using practical examples.

Learners will understand how self-employment tax is calculated when there is schedule C income and how part of the self-employment tax may be included as an adjustment to income.

The course will cover the accounting periods and methods that may be appropriate depending on the business needs.

We will discuss how to report business income and calculate the cost of goods sold and gross profit if applicable.

Learners will understand what a business expense is, how to report business expenses, and the most common categories of business expenses. We will show many examples to solidify the concepts.

We will learn how to report expenses related to the business use of your home, which can be a significant deduction for many businesses.


Content

Introduction

Introduction
315 Tax Forms & Line Items Involved
Documents to Download for Reference
318 Sch. C Data Entry
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Are Your Self-Employed?

321 Are You Self-Employed
PDF - 324 Business Owned and Operated by Spouses
324 Business Owned and Operated by Spouses
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What's New for 2018

PDF - 327 What's New for 2018
327 What's New for 2018
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Identification Numbers

PDF - 331 Identification Number
331 Identification Number
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Self-Employment (SE) Tax

PDF - 334 Self-Employment (SE) Tax
334 Self-Employment (SE) Tax
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Which Forms Must I File?

PDF - 337 Which Forms Must I File
337 Which Forms Must I File
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Employment Taxes

PDF - 341 Employment Taxes
341 Employment Taxes
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Accounting Periods and Methods

PDF - 344 Accounting Periods and Methods Introduction
344 Accounting Periods and Methods Introduction
PDF - 347 Accounting Methods Cash Method
347 Accounting Methods Cash Method
PDF - 351 Accounting Methods Accrual Method
351 Accounting Methods Accrual Method
PDF - 355 Accounting Methods Combination Method
355 Accounting Methods Combination Method
PDF - 358 Accounting Methods Inventories
358 Accounting Methods Inventories
PDF - 361 Change in Accounting Method
361 Change in Accounting Method
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Business Income

PDF - 364 Business Income Introduction
364 Business Income Introduction
PDF - 367 Business Income Kinds of Income
367 Business Income Kinds of Income
PDF - 371 Business Income - Kinds of Income Bartering for Property or Services
371 Business Income - Kinds of Income Bartering for Property or Services
PDF - 374 Real Estate Rents
374 Real Estate Rents
PDF - 377 Personal Property Rents
377 Personal Property Rents
PDF - 381 Items That Are Not Income
381 Items That Are Not Income
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Guidelines for Selected Occupations

PDF - 384 Guidelines for Selected Occupations
384 Guidelines for Selected Occupations
PDF - 387 Accounting for Your Income
387 Accounting for Your Income
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How To Figure Cost of Goods Sold

PDF - 391 How To Figure Cost of Goods Sold Introduction
391 How To Figure Cost of Goods Sold Introduction
PDF - 394 Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42
394 Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42
PDF - 397 Inventory at Beginning of Year
397 Inventory at Beginning of Year
PDF - 401 Purchases Less Cost of Items Withdrawn for Personal Use
401 Purchases Less Cost of Items Withdrawn for Personal Use
PDF - 404 How To Figure Cost of Goods Sold Cost of Labor
404 How To Figure Cost of Goods Sold Cost of Labor
PDF - 407 How To Figure Cost of Goods Sold Materials and Supplies, Other Costs,
407 How To Figure Cost of Goods Sold Materials and Supplies, Other Costs, Invent
PDF - 411 Figuring Gross Profit
411 Figuring Gross Profit
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Business Expenses

PDF - 414 Business Expenses Introduction
414 Business Expenses Introduction
PDF - 417 Car and Truck Expenses
417 Car and Truck Expenses
PDF - 421 Car and Truck Expenses
421 Car and Truck Expenses
PDF - 424 Depreciation
424 Depreciation
427 Example - Depreciation
PDF - 427 Employees' Pay
427 Employees' Pay
427 Example - Employees' Pay
PDF - 431 Insurance
431 Insurance
PDF - 432 Example Insurance
432 Example Insurance
PDF - 434 Interest Expense
434 Interest Expense
PDF - 437 Legal and Professional Fees
437 Legal and Professional Fees
PDF - 441 Pension Plans
441 Pension Plans
PDF - 444 Rent Expense
444 Rent Expense
PDF - 447 Taxes Deduction
447 Taxes Deduction
PDF - 451 Travel and Meals Deduction
451 Travel and Meals Deduction
PDF - 454 Business Use of Your Home
454 Business Use of Your Home
PDF - 455 Example - Business Use of Your Home
455 Example - Business Use of Your Home
PDF - 457 De Minimis Safe Harbor for Tangible Property
457 De Minimis Safe Harbor for Tangible Property
PDF - 461 Other Expenses You Can Deduct
461 Other Expenses You Can Deduct
PDF - 464 Expenses You Cannot Deduct
464 Expenses You Cannot Deduct
PDF - 467 Figuring Net Profit or Loss
467 Figuring Net Profit or Loss
PDF - 471 Excess Business Loss Limitation
471 Excess Business Loss Limitation
PDF - 474 Net Operating Losses (NOLs)
474 Net Operating Losses (NOLs)
PDF - 477 Not-for-Profit Activities
477 Not-for-Profit Activities
PDF - 481 Who Must Pay SE Tax
481 Who Must Pay SE Tax
PDF - 484 Special Rules and Exceptions
484 Special Rules and Exceptions
PDF - 487 Figuring Earnings Subject to SE Tax
487 Figuring Earnings Subject to SE Tax
PDF - 491 Figuring Earnings Subject to SE Tax Regular Method
491 Figuring Earnings Subject to SE Tax Regular Method
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Screenshots

Income Tax – Schedule C Small Business Sole Proprietor - Screenshot_01Income Tax – Schedule C Small Business Sole Proprietor - Screenshot_02Income Tax – Schedule C Small Business Sole Proprietor - Screenshot_03Income Tax – Schedule C Small Business Sole Proprietor - Screenshot_04

Reviews

Saratu
April 12, 2022
Explanations were not foundational and detailed. The tutorial went rather too fast for someone with no prior knowledge.
Karen
January 22, 2022
Using this course to gauge how I wanted to address filing taxes for my small business. Course has lived up to my expectations. Some minor things that have not been updated for 2020/2021 (would recommend a quick double check with the IRS website), but overall great value.
Saad
December 24, 2021
Detailed course. Very helpful for those who are planning to start their business and registering the single member LLC.
Victor
June 6, 2021
Good course for taxation if you are a self-employed or a single-member LLC. Concepts with real demonstration are explained well. The course is not updated, and calculations are based on 2018; you may need to figure out the current figures for to make your returns. I found the course useful and will improve my tax return skills. It would be appreciated if course contents keep updated every 4-5 years as I know it is difficult to update contents every year. I highly recommend this course and instructor has good professional knowledge about the topic.
Bob
April 21, 2021
Instructor just tells you to read the publication. Why bother taking the course if they are not going into depth explaining the overly convoluted IRS publications?
Carol
February 17, 2021
The instructor is very knowledgeable of schedule C for Small business. However, the information presented it out dated. What I would’ve liked for the course is to do exercises with the instructor have more explanations as to why certain numbers go where and why. It would have been great to have a the excel spreadsheet he was presenting the class with also available with each tab available to the class. I would’ve been great to have the Schedule C form he was teaching with and we did a walk through to get a better understanding of schedule C. Also, what really would have been better is the information was updated. But what I didn’t understand is why each session has separate pdf’s when it could’ve been add to each session this made the class longer and a waste of time. I rate the course 2 star’s the information is not updated and I didn’t learn anything from it.
Mark
January 30, 2021
Great match. I like his " Three Perspective Approach" to teaching taxes, "Formula, Forms(Pubs) and Tax Software" and how they all relate to each other. Very well done.
Alexis
January 3, 2021
It's an overview, so I understand why the lesson went so quickly. Hopefully he will slow down in the next Section.
Todd
August 12, 2020
This course is reinforcing my existing knowledge and teaching me some additional information relating to Sole Proprietorship taxes. This course is benefiting me greatly thus far.
Ashley
July 29, 2020
For a beginner it was jammed pack with information that I really have no foundation on. I didn't know what notes to take or if I should take any at all. Basically I got that one form flows through other forms. Form 1040 is the front of the form and breaks down all the other forms such as Sch. C and SE. Also, Sch C is calculating your SS and Medicare which. That cost helps to calculate your SE tax on the SE Form. If that is what you wanted me to learn then awesome! It just felt scrambled.
Cherry
May 28, 2020
This course has provided me with tidbits of important information that I was not aware of. The information on changes and updates are great.
James
January 26, 2020
Excellent course. Excellent knowledgeable teacher(understatement). Engaging delivery. Does not read off slides. This Instructor is very thorough and explains all the tax concepts really well. Very few instructors do that. Just take all his courses you will be glad you did.
Oretha
September 27, 2019
Yes, it is definitely a good match for me. The instructor has done an excellent job with explaining the concepts of the schedules and forms. Thank you.

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2281074
udemy ID
3/20/2019
course created date
10/7/2019
course indexed date
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