Owners of unincorporated businesses and disregarded entities (single-member LLCs) report their income and losses on either Schedule C or E of their personal 1040.  If you fall in either of these categories, then this webcast is for you. 

Topics for discussion: 

Schedule C: Profit or Loss from Business (Sole Proprietorships)
Part I   – Schedule C – Income 
Part II – Schedule C – Expenses 
Part III – Schedule C – Cost of Goods 
Part IV – Schedule C – Information on Your Vehicle
Part V – Other Expenses

Schedule E: Supplemental Income & Loss (From rental real estate, royalties. S corporations, estates, trusts, REMICs, etc.)
Part I   – Schedule E – Income or Loss from Rental Real Estate and Royalties
Part II – Schedule E – Income or Loss from Partnerships and S Corporations                       
Part III – Schedule E – Income or Loss from Estates and Trusts  
Part IV – Schedule E – Income or Loss from Real Estate Mortgage Investment Conduits (REMICs) 
Part V – Summary

Learning Objectives:

• Recognize where to report an individual taxpayer's income and expenses


• Distinguish which schedules the taxpayer is required to use and why


• Identify specific reporting requirements of income and expenses when filing personal income tax returns      


• Determine the requirements of both these schedules on Form 1040


• Distinguish which one is proper to report activities resulting in either income or losses and what limitations may be expected

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CPAacademy.org (Sponsor Id#: HURS9) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222