Individual Income Tax - Schedule C, E, and F Expenses  

Some types of expenses are common to a variety of businesses and taxpayers while others are unique to very specific businesses and only available to taxpayers in certain circumstances. This course discusses expenses common to self-employed taxpayers, while also covering expenses incurred in the business of farming, expenses common to the fishing industry, and expenses incurred in the business of renting property. Discussed in detail are expenses such as meals and entertainment, travel, transportation, home office, and other business expenses. Transportation expenses and the two methods a taxpayer may use to calculate them, regular (actual expenses) and optional (standard mileage rate), are discussed in detail, as well as the two methods available to calculate a deduction for a home office. Presented are various examples for completing Schedules C, E, and F, as well as depreciation calculations and the transportation and travel expense worksheets for Schedules C, E, and F. This course has been updated for the latest tax changes.

This course is most beneficial to professionals new to individual income taxes who may be at the staff or entry level in organization but also for a seasoned professional with limited exposure to individual income taxes.

By proceeding to the examination, you acknowledge and confirm that you have completed the required coursework.