Schedule C - Profit or Loss from Business

This is a complete course on Schedule C. You will learn to record revenue and expense in tax software and understand expense categories that are more difficult to deal with. In addition, you will learn how to calculate a deduction for an office in the home. Depreciation is often a major reason why taxpayers use paid tax preparers. You will learn how Schedule C depreciation is calculated (using both straight-line and accelerated methods). You will learn about depreciation recapture and when it is applicable. The course also covers the Qualified Business Income (QBI) deduction. You will learn what the QBI deduction is, who can take it, what limitations are on it, and how it is calculated. The last section is a bonus section that teaches you how the IRS makes decisions regarding business vs hobby.