Mastering Schedule C

This lesson focuses on self-employed and business income reporting.

Schedule C preparation requires careful attention to income classification, expense substantiation, and IRS documentation requirements. Errors in this area are a leading cause of audits, penalties, and client disputes.

During this lesson, focus on:

• How business income is reported

• What expenses are allowable versus non-allowable

• How deductions flow onto the tax return

• Common red flags that require additional review or documentation

This lesson is required before preparing or assisting with any self-employed or small business tax returns.