Description
Upon completion of this seminar, students will understand that the sole proprietorship is the simplest type of business structure. Self-employment taxes and estimated taxes for the sole proprietor and how to make these payments using EFTPS® system will be discussed. Students will learn IRS recordkeeping requirements and acceptable accounting methods for the sole proprietor. Students will understand the business use of a home and whether it is advantageous for the taxpayer to use their home in the day-to-day operation of their business. Students will also recognize when it is in the taxpayer’s best interests to take the Section 179 deduction for eligible assets. Students will be able to identify when the sole proprietor may deduct ordinary and necessary business expenses as they relate to travel, meals, and entertainment. Lastly, the General Business Credits on Form 3800 will be discussed. New lecture video reinforces concepts! Topic: Travel Meals and Entertainment IRS #EEZ75-T-00516-24-S CTEC #1071-CE-3242 NASBA #103388