2.0 CPE This course covers Schedule C from start to finish and will cover all of the typical scenarios tax pros are likely to encounter and explains the below in detail:
- Understand when to use an employer identification number versus a Social Security number
- Understand cash versus accrual accounting
- Identify when a proprietor needs to issue 1099s
- Understand what a Form 1099-K is, and the changes to the form for 2022
- Understand how payments made through Venmo and other such apps work
- Understand changes to meal expenses in general, and specific to 2022
- Understand vehicle expenses
- Identify the differences between Section 179 expensing and bonus depreciation
- Understand home office expenses, including the simplified option
- Identify other proprietor deductions, including health insurance and retirement contributions
- Understand the basics of the qualified business income deduction
- Understand the basics of net operating losses, excess business losses, and the Families First Coronavirus Response Act credit
- Identify when an activity is a hobby versus when it is a business
- Understand the IRS’s 9-factor test for determining if an activity is a hobby or a business
Learning Objectives
- Discover and understand when to use an employer identification number versus a Social Security number.
- Identify and understand cash versus accrual accounting.
- Identify when a proprietor needs to issue 1099s.
- Recognize and understand what a Form 1099-K is, and the changes to the form for 2022.
- Explore and understand how payments made through Venmo and other such apps work.
- Discover and understand changes to meal expenses in general, and specific to 2022.
- Identify and understand vehicle expenses.
- Identify the differences between Section 179 expensing and bonus depreciation.
- Recognize and understand home office expenses, including the simplified option.
- Identify other proprietor deductions, including health insurance and retirement contributions.
- Discover and understand the basics of the qualified business income deduction.
- Explore and understand the basics of net operating losses, excess business losses, and the Families First Coronavirus Response Act credit.
- Identify when an activity is a hobby versus when it is a business.
- Discover and understand the IRS’s 9-factor test for determining if an activity is a hobby or a business.
Last updated/reviewed: September 18, 2024
33 Reviews (172 ratings)
Reviews
Anonymous
(Owner)
This course, Schedule C Updates, provided a lot of good information regarding income and expenses, deductions, where certain deductions are allowed (on Schedule C vs another section of the tax return). If you are new to preparing tax returns, this is definitely a course for you. If you are a seasoned tax preparer, there may be some details in this course that would be a good refresher for you as well.
Katrina Ivancic
( at Starworks Accounting & Tax L..)
The exam question about the per diem was worded in a very confusing manner. It asked about deductible % and then 2 of the answers were dollar amounts.
The exam answer regarding the simplified home office is wrong. The IRS limits the deduction to $1500 becauae the maximum square footage that can be used is 300 sq ft.
Anonymous
(Anonymous)
The course is a great overview of schedule C. I really think the instructor does a great job and keeps you engaged. Would highly recommend this course to others. Again, this is a very high-level course and does the job on each subject matter.
Margo Palmer
( at NA)
This course was a good overview of schedule C; I will be searching for courses with
more instruction on several of the important components he introduced. The instructor was easy to follow.
Anonymous
(Staff Accountant)
The exam was a bit redundant with certain Sch C items. I wish I could have seen the answers to the full exam after completing it so I know what I took away correctly from the lessons.
Anonymous
()
Great job!!!!!!!!!!!!!!!!!!! Amazing!!!!!!!!!!!!!!!! Thank you so much!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Very informative!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Kimberley Puthoff
(Owner at Kimberley E Puthoff CPA LLC)
I enjoyed this course and would recommend it to anyone who prepares tax returns. However, the slides have highlighter marks on them and were a little hard to read.
Louise Aldridge
( at Levenue LLC.)
the instructor is very knowledgeable, this course is going to help when doing the tax returns, looking forward to taking more classes with this instructor
Nafisah Fudaeel
(Owner at Tax Roadmap)
This course was very informative, easy to follow along, and great clear examples. The instructor spoke clearly and really understood the topic.
Anonymous
(CPA)
I appreciated this refresher on important schedule c items. The reminder on disregarded entities for tax reporting was timely for me.
Anonymous
(Retired)
Very extensive information on the Schedule C. Very informative. Lots of information to cover in one class. Thanks.
Anonymous
(Controller)
a course i will refer to in the future as needed. very informative and the instructor is clearly very knowledgeable.
Anonymous
()
Clear easy to understand review of the tax topics. Great discussion on the Tax acts for 2017 and Covid tax updates.
Anonymous
(Accountant)
Good course, well presented, useful for people who have a small business or work as
an independent contractor.
Anonymous
(Managing Member)
This course is a great refresher for the various items on Schedule C that sole proprietors deal with each year.
Abraham Minto
( at Abraham Minto LLC)
Jason's course on Schedule C Updates was excellent. Very clear explanation of tax concepts & highly recommend.
Maya Walker
(Global Controller at Fourth Enterprises)
Really good class. I did notice that one of the exam answers was in dollars rather than in percents.
Anonymous
(President and CEO)
This course provided a good overview of taxation basics for small business and small business owners
Anonymous
(Principal)
Good content providing both a review of some material and introduction to changes. Well presented.
Anonymous
()
good overview of the schedule c. most of it is common knowledge but a refresher is always good.
Anonymous
(N/A)
great topic and perfect amount of time for review. I enjoyed the great number of topics.
David Fisher
(Associate at YPTC)
Presentation was clear and concise. Supporting materials were laid-out well and relevant.
Debbie Banks
( at Banks Accountancy LLC)
Excellent instructor. Good review of Schedule C with good detail, context and examples.
Eileen Perrin
(Financial Advisor at First Command)
Very good overview. Style was good. Will listen to instructor’s other training.
Anonymous
(cpa)
Enjoyed the refresher re: Sch C, especially an update on 1099-K regulations.
Tyler Ellens
(Staff Acountant at Evenhouse & Co. P.C.)
Lots of good information presented in a clear way that is easy to understand
Anonymous
()
2 Exam questions are incorrectly worded/graded and should be revised.
Anonymous
(Owner)
very informative. Instructor was clear and concise. easy to listen to.
PAMELA WEISS
(OWNER at Pamela G Weiss, CPA)
One of the better courses presented with interest and examples used.
Anonymous
(CPA)
Great update and appreciate the slides. Good reference material.
Anonymous
(Accountant)
Engaging, informative, and practical for real-world use!
Anonymous
()
Great course- straight to the point and well organized.
Anonymous
(CFO)
A nice review of items to watch for on Schedule Cs.
Prerequisites
Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course.
No advanced preparation or prerequisites are required for this course.
Education Provider Information
Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA
95113
Contact:
For more information regarding this course, including complaint and
cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to
.
Jason DinesenInstructor
About Illumeo
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- Email: info@illumeo.com
- Phone: 408-400-3993
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- Av #221, Campbell, CA 95008
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