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Schedule C of Form 1040

SCHEDULE C OF FORM 1040

Cost Free
Presentation Length 2.0 hours

Recorded DateJanuary 21, 2020
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

Many self-employed or sole proprietors find themselves having to navigate Schedule C in reporting business income.  While this attachment to Form 1040 seems straightforward on the surface, there are many traps for the unwary. This course is ideal for CPAs, EAs, or other tax professionals.

Learning objectives:


  • Identify the appropriate taxpayers who should be filing Schedule C.

  • Discuss the difference between the cash and accrual method, and the correct period in which taxpayers must recognize income and/or deductions.

  • Develop a working knowledge of related issues, such as reporting the deduction of self-employed health insurance, employment taxes, home office deductions, and proper reporting of employee/independent contractor salaries.  and retirement contributions.

  • Discuss types of typical deductions, such as advertising, utilities, supplies, etc.

  • Determine the methods of deducting the cost of a company car.

  • Be able to apply the rules, such as Section 179 or bonus depreciation,  which permit the  immediate expensing of some or all of the cost of certain assets.

PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Professor Allsion McLeod is currently a full-time Senior Lecturer at the University of North Texas, and has taught classes in Corporate Income Taxes, Multi-jurisdictional Taxation, Individual Taxes, Tax Research, Ethics and Financial Accounting. Prior to going into academia, she worked for 18 years in industry and in a Big Four accounting firm. Professor McLeod earned a law degree from Baylor School of Law, and an LL.M. degree in Taxation from Southern Methodist School of Law. She has been a licensed CPA since 1993 and has been licensed to practice law since 1992.

About Our Presenter

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Allison M. (Yee) McLeod, LL.M., JD, CPA, has served as an expert witness in multi-million dollar cases involving tax litigation and accounting malpractice.

Professor McLeod is also a full-time Senior Lecturer at the University of North Texas in Denton, Texas.  Her courses include Ethics, Corporate Taxation, Tax Research and Financial Accounting.