OVERVIEW
Many self-employed or sole proprietors find themselves having to navigate Schedule C in reporting business income. Schedule C applies to those who file the basic Form 1040, as well as seniors age 65 and older who file Form 1040-SR instead of the basic 1040. While this attachment to Form 1040 seems straightforward on the surface, there are many traps for the unwary.
The webinar is focused on Schedule C of Form 1040 (sole proprietorship tax returns).
In this webinar we will discuss the latest updates for meal deduction, how QBI gets more complicated when using 2023 numbers, and necessary updates to FFCRA.
LEARNING OBJECTIVES
- To identify which taxpayer has to file Schedule C.
- To recognize the difference between the cash and accrual method, and the right period in which taxpayers must know income and/or deductions.
- To develop a working knowledge of related issues, such as reporting the deduction of self-employed health insurance, employment taxes, home office deductions, and proper reporting of employee/independent contractor salaries and retirement contributions.
- To recognize different types of typical deductions, such as advertising, utilities, supplies, etc.
- To identify the methods of deducting the cost of a company car.
AREAS COVERED
This webinar covers the following key topics:
- SSN or EIN
- Accounting Methods
- Constructive Receipt
- Prepaid Expenses & Advance Payments
- Issuing 1099s
- Health Insurance
- Retirement Accounts
- QBI Deduction
- Net Operating Losses
- For 2023 & 2024 Meal Deduction is 100%
WHO WILL BENEFIT?
- Small and Medium Business Owners
- Bookkeepers & Accountants
- Senior Accountant
- Tax Preparers
- Certified Financial Planner (CPA)
- Personal Financial Specialist (PFS)
- Tax Attorneys, Tax Firms, Tax Managers
- Tax Practitioners, Tax Professionals Small Firm
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Jason Dinesen
Tax ExpertAbout speaker
Jason Dinesen (EA, LPA) is a tax nerd, entrepreneur, tax expert and a well-known presenter of continuing education courses. Known for his sharp tax interpretations, he is one of the quickest to bring the analysis of the latest tax updates and IRS guidance to the professional community.
Jason has coached over 200,000 accounting, tax, and HR professionals on various topics of accounting, individual taxation, corporate taxation, professional ethics and much more. He has presented over dozens of webinars on Form 1099 (for 10 years on this subject!); marriage in the tax code; tax updates; the new Form W-4, payroll updates, filing status, tax credit and other issues relating to the modern-day household setting.
He also teaches 2 classes at Simpson College, Individual Income Tax and Business Analytics.
Jason always had a knack for radio shows and has and regularly features as an anchor for Radio Iowa.
Jason was born and raised in Iowa and has a degree in corporate communications from Simpson College in Indianola. He has a big family that includes his wife, two sons, 4 cats and 2 dogs. His other hobbies include being a season ticket holder to University of Iowa football.
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