The gig economy, involving various alternative work arrangements, engages 36% of U.S. workers, with 29% having it as their primary job. This shift impacts tax preparers need to prepare Schedule C. This course helps tax professionals address common Schedule C questions, covering proprietor income and deductible expenses (excluding home business use) on Part II of Schedule C (Form 1040).

Learning Objectives

• Identify the types of income reported on Schedule C
• Determine proprietors installment sale income when using the installment method
• Describe the business expenses deductible on Schedule C
• Analyze the differences between a business and a hobby
• Apply the rules governing the deduction for business use of a taxpayers home