Fundamentals of Form 1040 -- Business

After attending this presentation, you will be able to...

• Analyze Schedule C to determine business income, deductions, and self-employment tax implications
• Interpret Form 7203 to determine shareholder stock and debt basis for S corporation shareholders
• Analyze and apply the reporting requirements of IRS Form 7217, including determining a partner’s basis in distributed property
• Calculate self-employment tax and apply deductions related to business expenses
• Implement preparer best practices to avoid common IRS audit triggers
• Apply tax rules for reporting pass-through entity income on individual tax returns
• Assess legislative updates affecting business income reporting for the current year

The major topics that will be covered in this course include:

• Self-employment and business income taxation (Schedule C, self-employment tax, business deductions)
• Reporting income from pass-through entities (Schedule E, Schedule K-1, Shareholder stock and debt basis on Form 7203)
• Application of Form 7217 for capital construction funds
• Best practices for self-employed clients and small business owners
• Key deductions and credits for business owners
• Avoiding common IRS audit triggers related to business income reporting
• Legislative updates impacting business income taxation in the current year