Schedule C in 2022: Sole Proprietorship Tax Returns
Schedule C is a tax form filed with the IRS Form 1040 to report the expenses or loss (self-employment income) from a profession you practiced as a sole proprietor or from a business you operated. A taxpayer uses it to calculate the net profit or loss their business has generated. You can classify an activity as a business if either your main purpose for engaging in it is for income or profit or if the activity is with continuity and regularity.
Schedule C is applicable to those who file the basic Form 1040, as well as seniors age 65 and older who file Form 1040-SR instead of the basic 1040. 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.
Who files a Schedule C? Who is a sole proprietor? What does Schedule C contain? Does an LLC file a Schedule C? Do only the self-employed individuals file it? Who needs to issue are the 1099s issued?
Join us on Standeagle this October to get answers to all these questions and to get a detailed guidance on Schedule C of Form 1040 (sole proprietorship tax returns).
What You will Learn
-Social Security Number (SSN) or Employer Identification Number (EIN)
-Issuing 1099s
-Most effective accounting methods
-Constructive receipt
-Prepaid expenses
-Advance payments
-Health insurance
-Retirement accounts
-QBI deduction
-Net operating losses
Who will Benefit
-Human Resources professionals
-CPAs
-EAs
-AFSPs
-Tax professionals
-Payroll professionals
-BFSI professionals
You may ask your Question directly to our expert during the Q&A session
Jason Dinesen
Jason Dinesen (EA, LPA) is a tax nerd, entrepreneur, tax expert and a well-known presenter of continuing education courses. Known for his sharp tax interpretations, he is one of the quickest to bring the analysis of the latest tax updates and IRS guidance to the professional community.
Jason has coached over 200,000 accounting, tax, and HR professionals on various topics of accounting, individual taxation, corporate taxation, professional ethics and much more. He has presented over dozens of webinars on Form 1099 (for 10 years on this subject!); marriage in the tax code; tax updates; the new Form W-4, payroll updates, filing status, tax credit and other issues relating to the modern-day household setting. He also teaches 2 classes at Simpson College, Individual Income Tax and Business Analytics.
Jason always had a knack for radio shows and has and regularly features as an anchor for Radio Iowa. He was born and raised in Iowa and has a degree in corporate communications from Simpson College in Indianola. He has a big family that includes his wife, two sons, 4 cats and 2 dogs. His other hobbies include being a season ticket holder to University of Iowa football.
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