Lecture Content

This lecture 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.

Topics Covered

* Overview of how small businesses are taxed
* Linebyline instructions for completion of Schedule C
* Accounting methods
* Determining when a business must issue Form(s) 1099
* Form W9 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
* Workrelated education expenses
* Business use of home
* Linebyline 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 selfemployment tax under the regular and optional methods
* Local tax concerns
* Special rules relating to farm income
* Net operating loss rules
* Recordkeeping and financial management for business owners

Terms of Use or 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 shall have twelve months from date of enrollment in any continuing education course, to successfully complete the course and receive their Certificate of Completion.