Virtual
Tax Planning for Sole Proprietors & Other Business Owners 2024
Date: Feb. 5, 2025
Time: 8 a.m. – 3:30 p.m. PT
Overview
Individuals are leaving the workforce in droves due to retirement or resignation, and many are choosing to start their own businesses. This course explores the planning opportunities for those starting their own businesses or advising clients. Issues addressed include making sure you will be treated as a business, choice of entity, Schedule C deductions, depreciation, avoiding the self-employment tax, retirement plans, self-employed health insurance, employing family members, and loss limitations.
Product Code
1000002671-124845
Credit Type
CPE: 8CPE-Technical: 8CTEC-TX: 8IRS-TX: 8Accessibility
Closed Captioning Available
Intended Audience
CPAs, financial advisers, attorneys and self-employed individuals.
NASBA Field of Study
Taxes
Level of Difficulty
Basic
Prerequisites
None
Advance Preparation
None
Learning Objectives
Major Subjects
- Using the independent contractor rules and hobby loss rules to ensure the activity is a trade or business
- Reviewing Schedule C deductions for travel, meals, transportation, employee fringe benefits, costs of goods sold, depreciation, and home offices
- Maximizing the benefits from 1040 deductions for Keogh plans, Solo 401(k)s, Simplified Employee Pension (SEP) plans, and SIMPLE plans
- Taking advantage of the self-employed health insurance deduction and the qualified business income (QBI) deduction
- Avoiding the at-risk and passive activity loss limitations
- Making the right business entity election
- In-depth coverage of what advisers of sole proprietors and single-member limited-liability-company owners need to know
Faculty
Additional Details
This is a pre-recorded broadcast. The Instructor will be available to answer questions via the chat feature.