Date: December 17th, 2024

Time: 1pmET | 12pm CT | 11am MT | 10am PT

Duration: 120 Minutes

Description:

This webcast is designed for owners of unincorporated businesses and disregarded entities (such as single-member LLCs) who report their income and losses on Schedule C or E of their personal Form 1040. If you fall into either of these categories, this session is tailored 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 Sold
• Part IV: Schedule C – Information on Your Vehicle
• Part V: Other Expenses

Schedule E: Supplemental Income & Loss

• 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:

• Understand where to report an individual taxpayer’s income and expenses.
• Distinguish between which schedules the taxpayer must use and the rationale behind it.
• Identify specific reporting requirements for income and expenses when filing personal income tax returns.
• Recognize the requirements for both Schedule C and Schedule E on Form 1040.
• Determine which schedule is appropriate for reporting income or losses and the limitations associated with each.

Credits and Other information:

• Recommended CPE credit – 2.0
• Recommended field of study – Taxes
• Session Prerequisites and preparation: None
• Session learning level: Basic
• Location: Virtual/Online
• Delivery method: Group Internet Based
• Attendance Requirement:  Yes
• Session Duration: 2 Hours

Who Will Benefit:

• CPA
• Enrolled Agents (EAs)
• Tax Professionals
• Attorneys
• Other Tax Preparers
• Finance professionals
• Financial planners

About Our Speaker

Marcia L. Miller, MBA, EA is President and Owner of Financial Horizons, Inc.

Marcia’s experience spans over four decades of Accounting, Tax and Management Consulting for a practice with emphasis on representing Small Business Owners in all aspects of Taxes, Employment & Labor Issues, Pensions, Estate Planning as well as Federal, State (Nationwide) and Foreign mandatory reporting.

As a recognized Thought Leader and Speaker in the World of Information Reporting and commonly referred to as the “1099 Queen”, Marcia was appointed to, and successfully completed a three-year term, as a Committee Member, to the Internal Revenue Service’s Information Reporting Program Advisory Committee (IRPAC).