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Schedules C and E: Differences & Similarities

Gain a better understanding of where to account for income and losses and what limitations may be expected.

Owners of unincorporated businesses and disregarded entities (single member LLCs) report their income and losses on either Schedule C or E of their personal 1040. If you fall in either of these categories, then this information is for you. Learn the requirements of both these schedules on Form 1040, distinguish which one is proper to report activities resulting in either income or losses, and what limitations may be expected.

Learning Objectives

  • You will be able to differentiate between the various legal entities.
  • You will be able to recognize the reporting requirements for Schedule SE.
  • You will be able to identify the reporting requirements for Schedule C.
  • You will be able to recognize the reporting requirements for Schedule E.

Runtime: 97 minutes
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Why Lorman?

Over 32 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

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
  • Part IV - Schedule C - Information on Your Vehicle
  • Part V - Other Expenses

Schedule E: Supplemental Income and Loss(From Rental Real Estate, Royalties, S Corporations, Estates, Trusts, REMICs, etc.

  • Part I - Schedule E - Income or Loss From Rental Real Estate and Royalties
    • Rental Activities Reported on Schedule E
    • Computation of Rental Income and Loss Limitations
    • Vacation Home Rules
    • Other Rental Activities Reported on Form 4835 (Farm Rental Income and Expenses)
  • Both Part II - Schedule E - Income or Loss From Partnerships and S Corporations and Part III - Schedule E - Income or Loss From Estates and Trusts
    • PassThroughs From K1s
    • Passive and Nonpassive Income and Losses
  • Part IV - Schedule E - Income or Loss From Real Estate Mortgage Investment Conduits (REMICs) - Residual Holder
  • Part V - Summary
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Why Lorman?

Over 32 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 August 1, 2019.

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

  • CPE/NASBA - QAS Self Study 2.6 including Taxes 2.6
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.6 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.6 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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Why Lorman?

Over 32 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

Marcia L. Miller, M.B.A., E.A.

Marcia L. Miller, M.B.A., E.A.

Financial Horizons, Inc.

  • President and owner of Financial Horizons, Inc., a full service accounting and tax firm
  • Enrolled agent entitled to practice before the Internal Revenue Service
  • 40 years of accounting, tax and management consulting in South Florida for a practice with an emphasis on representing small business owners in all aspects of taxes, employment and labor issues, pensions, estate planning as well as federal, state (nationwide) and foreign mandatory reporting
  • Federal appointment successfully completed for a three year term to the Internal Revenue Service's Information Reporting Program Advisory Committee (IRPAC)
  • Author, speaker and teleconference expert, for various national companies and accounting organizations at their annual conferences, lecturing on a multitude of tax, technical and non-technical topics focusing on the areas of tax planning, management and health care reform
  • Managing director, Transition Advisors, LLC, leading CPAs through transition with succession and M & A strategies
  • Live presenter at the 2016 CCH Annual User's Conference and FICPA Chapter meetings regarding Succession Planning for CPAs
  • Previous nationwide presenter of tax legislative seminars for Thomson Reuters' Bell Learning Series on current business taxation and accounting issues
  • Former adjunct professor at Nova Southeastern University's H. Wayne Huizenga School of Business and Entrepreneurship
  • M.B.A. and B.B.A. degrees, University of Miami School of Business
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Why Lorman?

Over 32 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: 406670
Published 2019
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