Business Income

Business Income

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This course encompasses how the sole proprietor reports income. Sole proprietorship is the most popular business structure. A sole proprietorship is indistinguishable from its owner, and all income earned is reported by the owner. Schedule C is the reporting tool for most sole proprietors. Covered in the course is line-by-line instruction to complete the Schedule C.

At the end of this course, the student will be able to do the following:

  • Identify the differences between accounting periods and accounting methods.
  • Understand the guidelines between an independent contractor and an employee.
  • Explain when to use Schedule C-EZ and when to use Schedule C.
  • Recognize what determines start-up costs.


Field of Study: Federal Tax Law 2 Hours
Course Level: Intermediate
Prerequisite: General tax preparation knowledge is required 
Delivery Method: Self-Study

Expiration Date to earn CEs: June 30, 2022.
  
IRS CE: 15G0B-T-00448-20-S
CTEC: 2080-CE-0086