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 webcast is for you. 

Topics for discussion: 

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 & 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
Part II – Schedule E – Income or Loss from Partnerships and S Corporations
Part III – Schedule E – Income or Loss from Estates and Trusts  
Part IV – Schedule E – Income or Loss from Real Estate Mortgage Investment Conduits (REMICs) 
Part V – Summary

Learning Objectives:

• Recognize where to report an individual taxpayer's income and expenses


• Distinguish which schedules the taxpayer is required to use and why


• Identify specific reporting requirements of income and expenses when filing personal income tax returns      


• Determine 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