Schedule C Basics for Self-Employed Taxpayers

Course Classification:

• Category: Federal Tax (T).

• Credits: 2 IRS Continuing Education Hours.

• Provider: EZ Tax To Go LLC (Provider Number GFLRH).

Summary Description:

Master tax return preparation for freelancers, independent contractors, and small business owners with this essential course on Schedule C. Learn how to correctly calculate gross income, identify allowable deductions, and navigate specific rules for depreciation and vehicle use. This course will provide you with the tools to maximize your clients’ tax benefits while maintaining strict compliance with IRS regulations.

What will you learn in this course?

• Income and Classification: Differentiate between a genuine business and a hobby (Section 183), reconcile 1099 forms (including the new $2,000 threshold for the 1099-NEC in 2026), and determine the correct treatment for cash and cryptocurrency payments.

• Common Deductions: Correctly apply the rules for the home office deduction (regular vs. simplified method), calculate vehicle expenses using the 2026 split-year mileage rates, and apply the 50% limit to business meals.

• Depreciation and Expensing: Strategically utilize Section 179 expensing (up to $2,560,000 for 2026) and 100% bonus depreciation, clearly differentiating between deductible repairs and capital improvements.

• Self-Employment Tax: Accurately calculate Social Security and Medicare obligations on Schedule SE, and claim the corresponding adjustments to income (including self-employed health insurance).

• Compliance and Documentation: Understand contemporary record-keeping requirements, the importance of the accounting method (cash vs. accrual), and how to avoid the most common errors that trigger audits.

Enroll today to ensure your self-employed clients receive accurate, defensible returns optimized for their financial success!