Description
Clarify the purpose of both Schedules C and E and learn specific tax planning strategies.Both Schedule C and Schedule E are used for reporting income on an individual income tax return. While the information may be similar, the tax implications can be very different. Misapplying a business activity to the incorrect schedule can have significant consequences on the tax liability reported on Form 1040. It is important for the practitioner to be fully informed as to the appropriate use of the forms to report their business activity. This course is designed to clarify the purpose of both Schedules C and E and will discuss the proper use and reporting of Schedules C and E, as well as specific tax planning strategies.
Date: 2024-10-29 Start Time: End Time:
Learning Objectives
Detailed Overview and Analysis of Schedule C and Its Intended Users
• Define the Purpose of Schedule C and Who Needs to File
• Analysis of Form and Discuss Common Mistakes Made in Preparing Schedule C
• Review Special Considerations Relating to Retirement Plans, Home Office Deduction and Business Use of Vehicles
Detailed Overview and Analysis of Schedule E and Its Intended Users
• Define the Purpose of Schedule E and Who Needs to File
• Review Common Filing Errors and Pitfalls
• Review Advanced Topics, Including Vacation Rentals and Real Estate Professional Status
Compare and Contrast Schedule C and Schedule E
• Consideration of the Type of Income Reported on Each Schedule
• Review the Differences in Allowable Deductions on Each Schedule
• Analysis of Qualified Business Income Under SEC. 199A and Its Application to Both Schedules
Practical Considerations and Documentation Requirements When Completing Schedules C and E
• Identify Tax Planning Considerations for Clients Filing Schedule C and Schedule E
• Review of Record-Keeping and Documentation Requirements
• Review of IRS Resources and Tools
AIPB ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Ethan J. Alexander, CPA-Hancock Askew & Co., LLP, William F. Becker, Jr., CPA, M.B.A. – Hancock Askew & Co., LLP
