Course description

Small business income taxes generally reported on schedule C course including examples using actual tax forms to understand income tax concepts better.

We will discuss who is required to file a schedule C for small business income and who is self-employed.

The course will discuss new tax changes for 2018 related to small businesses.

We will discuss what self-employment tax is, how to calculate it, and how to report it.

The course will cover which tax forms a self-employed business will generally need to file and how the forms are related to each other, using actual tax forms as an example.

We will discuss different accounting methods and periods including the cash method and the accrual method and when the tax code may require one method versus another as well as when the tax code requires a deviation from the accounting method used.

The course will discuss what is included in business income and the types of business income.

We will discuss the components of cost of goods sold, how to calculate cost of goods sold, and look over the tax forms related to the cost of goods sold calculation.

The course will discuss many common business expenses. Including

  • Car and truck deduction
  • Depreciation deduction
  • Employees’ pay deduction
  • Insurance deduction
  • Interest deduction
  • Legal and professional fees deduction
  • Pension plans deduction
  • Rent deduction
  • Taxes deduction
  • Travel and meals deduction
  • Business use of your home
  • Other Expenses you can deduct


What you’ll learn

  • What It Means to Be Self-Employed
  • How to Report Self Employment Income
  • Filing and Paying Business Taxes
  • Identification Numbers Including EIN Number
  • Self-Employment (SE) Tax
  • Employment Taxes
  • Accounting Periods and Methods
  • Business Income & Expenses
  • How To Figure Cost of Goods Sold
  • Car and Truck Expenses
  • Depreciation Expense
  • Employees' Pay Expense
  • Insurance Expense
  • Interest Expense
  • Legal and Professional Fees Expense
  • Rent Expense
  • Pension Plans Expense
  • Taxes Expense
  • Travel and Meals Expense
  • Business Use of Your Home
  • Other Expenses You Can Deduct


Are there any course requirements or prerequisites?

  • Some understanding of US income tax law


Who this course is for:

  • Anybody who wants to save on taxes & has a small business
  • Tax professionals

Course curriculum

  • 3
    What's New for 2018
    • PDF - 327 What's New for 2018 2019
    • 327 What's New for 2018 2019
    • Accounting Comic Break
  • 4
    Identification Numbers
    • PDF - 331 Identification Number
    • 331 Identification Number
    • Accounting Comic Break
  • 5
    Self-Employment (SE) Tax
    • PDF - 334 Self-Employment (SE) Tax
    • 334 Self-Employment (SE) Tax
    • Accounting Comic Break
  • 6
    Which Forms Must I File?
    • PDF - 337 Which Forms Must I File
    • 337 Which Forms Must I File
    • Accounting Comic Break
  • 7
    Employment Taxes
    • PDF - 341 Employment Taxes
    • 341 Employment Taxes
    • Accounting Comic Break
  • 8
    Accounting Periods and Methods
    • PDF - 344 Accounting Periods and Methods Introduction
    • 344 Accounting Periods and Methods Introduction
    • PDF - 347 Accounting Methods Cash Method
    • 347 Accounting Methods Cash Method
    • PDF - 351 Accounting Methods Accrual Method
    • 351 Accounting Methods Accrual Method
    • PDF - 355 Accounting Methods Combination Method
    • 355 Accounting Methods Combination Method
    • PDF - 358 Accounting Methods Inventories
    • 358 Accounting Methods Inventories
    • PDF - 361 Change in Accounting Method
    • 361 Change in Accounting Method
    • Accounting Comic Break
  • 9
    Business Income
    • PDF - 364 Business Income Introduction
    • 364 Business Income Introduction
    • PDF - 367 Business Income Kinds of Income
    • 367 Business Income Kinds of Income
    • PDF - 371 Business Income - Kinds of Income Bartering for Property or Services
    • 371 Business Income - Kinds of Income Bartering for Property or Services
    • PDF - 374 Real Estate Rents
    • 374 Real Estate Rents
    • PDF - 377 Personal Property Rents
    • 377 Personal Property Rents
    • PDF - 381 Items That Are Not Income
    • 381 Items That Are Not Income
    • Accounting Comic Break
  • 10
    Guidelines for Selected Occupations
    • PDF - 384 Guidelines for Selected Occupations
    • 384 Guidelines for Selected Occupations
    • PDF - 387 Accounting for Your Income
    • 387 Accounting for Your Income
    • Accounting Comic Break
  • 11
    How To Figure Cost of Goods Sold
    • PDF - 391 How To Figure Cost of Goods Sold Introduction
    • 391 How To Figure Cost of Goods Sold Introduction
    • PDF - 394 Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42
    • 394 Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42
    • PDF - 397 Inventory at Beginning of Year
    • 397 Inventory at Beginning of Year
    • PDF - 401 Purchases Less Cost of Items Withdrawn for Personal Use
    • 401 Purchases Less Cost of Items Withdrawn for Personal Use
    • PDF - 404 How To Figure Cost of Goods Sold Cost of Labor
    • 404 How To Figure Cost of Goods Sold Cost of Labor
    • PDF - 407 How To Figure Cost of Goods Sold Materials and Supplies, Other Costs, Inventory at End Year
    • 407 How To Figure Cost of Goods Sold Materials and Supplies, Other Costs, Inventory at End Year
    • PDF - 411 Figuring Gross Profit
    • 411 Figuring Gross Profit
    • Accounting Comic Break
  • 12
    Business Expenses
    • PDF - 414 Business Expenses Introduction
    • 414 Business Expenses Introduction
    • PDF - 417 Car and Truck Expenses
    • 417 Car and Truck Expenses
    • PDF - 421 Car and Truck Expenses
    • 421 Car and Truck Expenses
    • PDF - 424 Depreciation
    • 424 Depreciation
    • PDF - 427 Employees' Pay
    • 427 Employees' Pay
    • 427 Example - Employees' Pay
    • 427 Example - Depreciation
    • PDF - 431 Insurance
    • 431 Insurance
    • PDF - 432 Example Insurance
    • 432 Example Insurance
    • PDF - 434 Interest Expense
    • 434 Interest Expense
    • PDF - 437 Legal and Professional Fees
    • 437 Legal and Professional Fees
    • PDF - 441 Pension Plans
    • 441 Pension Plans
    • PDF - 444 Rent Expense
    • 444 Rent Expense
    • PDF - 447 Taxes Deduction
    • 447 Taxes Deduction
    • PDF - 451 Travel and Meals Deduction
    • 451 Travel and Meals Deduction
    • PDF - 454 Business Use of Your Home
    • 454 Business Use of Your Home
    • PDF - 455 Example - Business Use of Your Home
    • 455 Example - Business Use of Your Home
    • PDF - 457 De Minimis Safe Harbor for Tangible Property
    • 457 De Minimis Safe Harbor for Tangible Property
    • PDF - 461 Other ExpensesYou Can Deduct
    • 461 Other ExpensesYou Can Deduct
    • PDF - 464 Expenses You Cannot Deduct
    • 464 Expenses You Cannot Deduct
    • PDF - 467 Figuring Net Profit or Loss
    • 467 Figuring Net Profit or Loss
    • PDF - 471 Excess Business Loss Limitation
    • 471 Excess Business Loss Limitation
    • PDF - 474 Net Operating Losses (NOLs)
    • 474 Net Operating Losses (NOLs)
    • PDF - 477 Not-for-Profit Activities
    • 477 Not-for-Profit Activities
    • PDF - 481 Who Must Pay SE Tax
    • 481 Who Must Pay SE Tax
    • PDF - 484 Special Rules and Exceptions
    • 484 Special Rules and Exceptions
    • PDF - 487 Figuring Earnings Subject to SE Tax
    • 487 Figuring Earnings Subject to SE Tax
    • PDF - 491 Figuring Earnings Subject to SE Tax Regular Method
    • 491 Figuring Earnings Subject to SE Tax Regular Method
    • Accounting Comic Break

Meet your instructor!

Robert (Bob) Steele
CPA, CGMA, M.S. Tax, CPI


Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.  

Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).  

Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.  

In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.  

Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.  

Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.  

Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.  

Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.  

The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.

Take this course today!

"Income Tax – Schedule C Small Business Sole Proprietor 2018"

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