Form 1040 Schedule C & E From The Top to Bottom (Currently Unavailable)

Author: Kris Hix

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Law for CTEC
2 hours Federal Tax Related for EAs and OTRPs

Both Schedules C and E have some specialized areas on them. This course will cover the two different schedules to clarify some difficult areas.

Publication Date: January 2016

Designed For
Anyone who would like to have a better understanding of these two Schedules

Topics Covered

  • Material Participation
  • Types of Income and Expenses
  • Vehicle and Mileage Expenses
  • Depreciation
  • Contract Labor
  • Pension and Profit Sharing Plans
  • Travel Expenses
  • Non Deductible Taxes
  • Business Use of Home
  • Property Expenses
  • Other income and expense items

Learning Objectives

  • Distinguish between Active and Material Participation
  • Distinguish between and be able to fill out the Schedule E and the Schedule C with confidence
  • Calculate bases and depreciate items correctly
  • Identify which expenses can be claimed with the standard mileage deduction
  • Recognize what real property is defined as under Real Property Trade or Business
  • Identify material participation
  • Describe rental income and what's included
  • Recognize what is included in deductible taxes
  • Identify actual home office expenses
  • Differentiate deductible travel expenses
  • Recognize proper deductions of a business meal
  • Identify substantiation for business expenses
  • Evaluate rental expenses
  • Recognize what cost basis is used for
  • Describe capitalization rules
  • Identify the reduction of the adjusted basis
  • Recognize how to amend a return to correct the amount of depreciation

Level
Overview

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of the Schedule C and E and the basic understanding of a 1040

Advance Preparation
None

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