Schedule C: Profit or Loss from Business From Serious Self-employed business owners to gig workers. More clients then every before are coming to our practice with self-employed income that requires a Schedule C. While changing laws keep us from being too complacent, it is easy to go through the same motions year after year and not do the best for your client. Come join me for a chance to tip-toe through the Schedule C.
Learning objectives:
• Discuss if the client’s endeavor is a business or a hobby.
• Discuss the information reporting and why the correct business code matters.
• Identify income to be reported and cost of goods sold.
• Identify ordinary and necessary expenses.
• Discuss depreciation and when to take advantage of Section 179 and Bonus.
• Identify vehicle expenses and documentation.
• Discuss, briefly, Business Use of Home
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Robin Gervais is an Enrolled Agent in Boise, Idaho. Was first exposed to taxes in her Jr High math class. For the last 18 years, Robin has been preparing taxes professionally. She became an Enrolled Agent in 2010 and an NTPI Fellow in 2019. In 2015, she started her own tax practice in Southwest Boise and has approximately 200 clients.
Her first CPE she taught was with Idaho Association of Tax Consultants in 2013. She has provided Ethics to 1000’s of participants via webinars and in person. She has also presented topics on Tax Strategies, Tax Planning and the American Rescue Plan Act (ARPA) of 2021, numerous Federal Updates and several other tax topics.
Helping clients with representation and tax preparation is what she considers fun. But the most enjoyment she receives professionally, is providing Continued Education to fellow tax professionals.
