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Income Tax Issues for Sole Proprietorships

Date: Thursday, September 13, 2018
Time: 1:00 - 2:40 pm EST

Sponsored by Lorman Education Services


Registration - Live Webinar Only: $219.00

Registration - Live Webinar Plus CD Recording: $288.00

 

Gain a better understanding of challenging tax issues facing sole proprietorships, as well as effective and simple ways to overcome them.

Many individuals operate as sole proprietorships and while they may be skilled in their business, they unfortunately may not have the proper training in the areas of accounting and taxation.

This lack of knowledge can cause these individuals to overpay taxes and possibly even run into legal trouble with the government. This topic will explain very simply, in plain language, how both of these issues are easily overcome.

You will receive the knowledge to allow them to take full advantage of the provisions in the tax code and to avoid issues with the government or any surprises in April.

Learning Objectives:

  • You will be able to define Self-Employments tax and understand its impact on your income tax return.
  • You will be able to identify the deductions that are applicable to your business.
  • You will be able to discuss the new 20% deduction available for Pass-Thru Entities.
  • You will be able to review your own accounting records throughout the year to avoid surprises in April.

This Live Webinar Covers These Hot Issues:

Understanding Form 1040
  • Income Items
  • Itemized vs. Standard Deductions
  • Tax Credits
Schedule C
  • Overall Bookkeeping Importance
  • Allowable Deductions and Documentation Required
  • Need for Quarterly Estimated Income Tax Payments
Self-Employment Tax
  • Explanation of Self-Employment Tax
  • Income Items Subject and Exempt From Self-Employment Tax
  • Calculation of Self-Employment Tax and Ways to Reduce It
New 20% Deduction for Qualified Business Income of Pass-Thru Entities
  • Explanation of the New Law and It's Huge Benefits
  • Limiting Factors to Be Aware of
  • Various Examples to Enhance Complete Understanding of This Valuable Deduction
Tax Saving Strategies for the Sole Proprietor
  • Employing Your Minor Children
  • Home Office Deduction
  • Automobile and Travel Deductions

Credit Information (Sponsored by Lorman Education Services):

  • CPE
  • AIPB
  • NASBA

For Detailed Credit Information page click here

Only registered attendee will receive continuing education credit.

Instructor Profile

Jeffrey D. Skolnick, CPA, Jeffrey D Skolnick CPA, PC

  • Founder of Jeffrey D. Skolnick CPA, PC
  • CPA for 34 years, the last 22 as a sole proprietor
  • Practice serves a wide range of individuals, corporations and partnerships mainly focusing on small business and sole proprietors
  • Frequent speaker and has written numerous publications and books
  • Hosts a Facebook Live every Monday at 12:30 PM EST on various topics of taxation
  • Licensed CPA in the states of New Jersey and New York
  • B.S. degree, University of Maryland; Master’ degree in taxation, Seton Hall University
  • Can be contacted at jskolnick@comcast.net or 732-382-8887

(Not available outside the US)