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Course Details

Navigating Form 1040 Schedule C (Course Id 2075)

Updated / QAS / Registry / EA
  Add to Cart 
Author : Paul Winn, CLU, ChFC
Course Length : Pages: 41 ||| Word Count: 20,435 ||| Review Questions: 9 ||| Final Exam Questions: 15
CPE Credits : 3.0
IRS Credits : 3
Price : $26.95
Passing Score : 70%
Course Type: NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents
Technical Designation: Technical
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 2075

Description :

There is little doubt in the minds of many observers that the world of work—an environment in which a legion of wage earners commute to an employer's office or worksite to toil from 9 to 5—is changing, and that impression is bolstered by recent studies. Among those studies is a Gallup report titled “The Gig Economy and Alternative Work Arrangements.” The changing nature of work for many taxpayers is likely to have an effect on tax preparers' need to prepare Schedule C.

The gig economy, an economy characterized by multiple types of alternative work arrangements including independent contractors, online platform workers, contract firm workers, on-call workers, and temporary workers, engages 36% of U.S. workers. Gallup, in its report, also estimates that 29% of all workers in the U.S. have an alternative work arrangement as their primary job.

Whether the strength of the gig economy is due to the flexibility and freedom it affords, the fewer limits on income it exerts compared to being a wage earner or results from some other advantage it offers, it seems clear that, barring a cataclysmic event affecting the economy, the gig economy is here to stay and intent on growing larger with each year. With that growth is the likely growth of tax preparers' need to be familiar with preparation of Schedule C.

Usage Rank : 21429
Release : 2024
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 09-Feb-2024
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 2075

Keywords : Taxes, Navigating, Form, 1040, ScheduleC, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

Upon completion of the course, the student should be able to:
  • Identify the types of income reported on Schedule C;
  • Determine proprietors' installment sale income when using the installment method;
  • Describe the business expenses deductible on Schedule C;
  • List the differences between a business and a hobby; and
  • Apply the rules governing the deduction for business use of a taxpayer's home.

Chapter 1
Elements of Proprietor Income

When you have completed this chapter, you should be able to:
  • Identify the factors included in the common law test used to determine a taxpayer's status as self-employed;
  • Recognize what constitutes business income;
  • List the categories of taxpayers generally identified as statutory employees;
  • Describe the tax treatment of installment sales whose gain is recognized under the installment method; and
  • Identify the role of the applicable federal rates (AFRs) in connection with the installment method.

Chapter 2
Elements of Proprietor Part II Expenses

When you have completed this chapter, you should be able to:
  • Identify the requirements that business expenses must meet to be deductible;
  • Recognize the insurance expenses that a Schedule C taxpayer may deduct;
  • Describe the difference between a business and a hobby; and
  • List the taxes and licenses that are deductible on Schedule C.

Chapter 3
Business Use of a Home

When you have completed this chapter, you should be able to:
  • Distinguish between the actual expense method and simplified method of figuring the home-office deduction;
  • List the expenses normally deductible by taxpayers using a home for business purposes who use the actual expense method; and
  • Recognize the limits applicable to a home-office deduction.
Course Contents :

Course Learning Objectives

Introduction to the Course

Chapter 1 - Elements of Proprietor Income

Learning Objectives


When is a Taxpayer Considered Self-Employed

Schedule C, Profit or Loss from Business

Business Income Defined

Completing Schedule C

Gross Receipts or Sales Line 1

Statutory Employees

Installment Sales

Situations Where the Installment Method Isn't Permitted

Decisional Factors in Selecting or Rejecting the Installment Method

Determining The taxpayers Installment Sale Total Gain

Reporting the Sale on The taxpayers Tax Return

Determining Installment Sale Income

Applicable Federal Rate

Reporting Interest

Determining Recognized Revenue using the Installment Method

Returns and Allowances Line 2

Cost of Goods Sold (COGS) Line 4

Figuring COGS for Merchant Clients

Beginning Inventory - Line 35

Purchases - Line 36

Trade Discounts

Cash Discounts

Purchase returns and allowances and Merchandise Withdrawn from Sale

Cost of Labor - Line 37

Materials and Supplies Line 38

Other Costs Line 39

Inventory at Year End Line 41

Cost of Goods Sold Line 42

Gross Profit Line 5

Other Income Line 6

Gross Income Line 7


Chapter 1 Review

Chapter 2 - Elements of Proprietor Part II Expenses

Learning Objectives


Business Expenses

Completing Schedule C, Part II Expenses

Advertising Line 8

Car and Truck Expenses Line 9

Commissions and Fees Line 10

Contract Labor Line 11

Depletion Line 12

Mineral Property Depletion

Cost Depletion

Figuring the Cost Depletion Deduction

Percentage Depletion

Depreciation & Section 179 Expense Deduction Line 13

Bonus Depreciation

Luxury Auto Depreciation Limits

Section 179 Expense Limits

Attaching Form 4562

Listed property

Exception to Listed Property

Employee Benefit Programs Line 14

Insurance Line 15

Interest Line 16

Legal and Professional Services Line 17

Office Expenses Line 18

Pension and Profit Sharing Plans Line 19

Rent or Lease of Property or Equipment Line 20a & 20b

Repairs and Maintenance Line 21

Supplies Line 22

Taxes and Licenses Line 23

Travel Line 24a

Deductible Meals Line 24b

Standard Meal Allowance

Utilities Line 25

Wages Line 26

Other Expenses Line 27a


Chapter 2 Review

Chapter 3 - Business Use of a Home

Learning Objectives


Business Use of a Home

Methods of Figuring the Home-Office Deduction

Actual Expense Method

Nature of the Expense

Percentage of the Home Used for Business

Calculating Percentage of Home Used for Business

Deductible Expenses for Home-Office Deduction

Expenses Deductible by All Homeowners

Expenses Deductible only by Taxpayers Using a Home for Business

Deduction Limit

Simplified Method

Depreciation and Actual Expenses Related to Use of Home not Deductible

No Deduction of Actual Expense Carryover for Simplified Method Users

Expenses Deductible Irrespective of Business Use

Special Rules Applicable to Simplified Method

Gross Income Limitation

Recordkeeping Requirements

Gross Receipts




Chapter 3 Review


CPE Taxes Course: https://www.cpethink.com/tax-cpa-courses
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