The gig economy is here to stay and intent on growing larger with each year. With that growth is the likely growth of tax preparers’ need to be familiar with preparation of Schedule C.
Upon completion of the course, the student should be able to:
- Identify the types of income reported on Schedule C;
- Determine proprietors’ installment sale income when using the installment method;
- Describe the business expenses deductible on Schedule C;
- List the differences between a business and a hobby; and
- Apply the rules governing the deduction for business use of a taxpayer’s home.