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Income Tax Issues for Sole Proprietorships

Gain a better understanding of challenging tax issues facing sole proprietorships, as well as effective and simple ways to overcome them.

Many individuals operate as sole proprietorships and while they may be skilled in their business, they unfortunately may not have the proper training in the areas of accounting and taxation. This lack of knowledge can cause these individuals to overpay taxes and possibly even run into legal trouble with the government. This topic will explain very simply, in plain language, how both of these issues are easily overcome. You will receive the knowledge to allow them to take full advantage of the provisions in the tax code and to avoid issues with the government or any surprises in April.

Runtime: 118 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Understanding Form 1040

  • Income Items
  • Itemized vs. Standard Deductions
  • Tax Credits

Schedule C

  • Overall Bookkeeping Importance
  • Allowable Deductions and Documentation Required
  • Need for Quarterly Estimated Income Tax Payments

Self-Employment Tax

  • Explanation of Self-Employment Tax
  • Income Items Subject and Exempt From Self-Employment Tax
  • Calculation of Self-Employment Tax and Ways to Reduce It

New 20% Deduction for Qualified Business Income of Pass-Thru Entities

  • Explanation of the New Law and It's Huge Benefits
  • Limiting Factors to Be Aware of
  • Various Examples to Enhance Complete Understanding of This Valuable Deduction

Tax Saving Strategies for the Sole Proprietor

  • Employing Your Minor Children
  • Home Office Deduction
  • Automobile and Travel Deductions
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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on September 13, 2018.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Jeffrey D. Skolnick, CPA

Jeffrey D. Skolnick, CPA

Jeffrey D Skolnick CPA, PC

  • Founder of Jeffrey D. Skolnick CPA, PC
  • CPA for 34 years, the last 22 as a sole proprietor
  • Practice serves a wide range of individuals, corporations and partnerships mainly focusing on small business and sole proprietors
  • Frequent speaker and has written numerous publications and books
  • Hosts a Facebook Live every Monday at 12:30 PM EST on various topics of taxation
  • Licensed CPA in the states of New Jersey and New York
  • B.S. degree, University of Maryland; Master’ degree in taxation, Seton Hall University
  • Can be contacted at [email protected] or 732-382-8887
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 401786
Published 2018
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