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Basics of Business Income (Schedule C)

Course Description

Our Basics of Business Income course outlines, in detail, the basic taxation principles relating to sole-proprietor business income including how to account for it on the tax return, what items are considered income and what expenses are allowed.  Further discussions include the eligibility for the qualified business income deduction and the obligation to remit self-employment tax.  Comprehensive examples are included with the discussions.

Learning Objectives

By the end of this course, Basics of Business Income, participants should be able to:

  • Distinguish between a business activity and a hobby
  • Determine what to include in gross income
  • Know which expenses are deductible to the taxpayer
  • Identify the special rules and limits that apply to business use of home, business meals, depreciation and automobile expenses
  • Complete Form Schedule C to report the business income
  • Calculate the Qualified Business Income deduction
  • Describe self-employment taxes, know who must pay the tax and how to calculate it

Course Guidelines

  • The self-study format allows you to access the material online 24/7 and study at your own pace
  • All Self-Study courses are to be completed, and the final exam submitted, within 1 year from the date of purchase as shown on your invoice. No extensions will be allowed.
  • To obtain CE credit, the participant must obtain a passing score of at least 70%.  Test takers will not be provided feedback on incorrect answers
  • Complete your final exam at any time and get graded instantly. You can retake the exam up to three times at no additional charge.
  • Upon passing the exam, you will be able to print your own certificate of completion.


This course material deals with complex matters and may not apply to particular facts and circumstances.  As well, the material contained reflects laws and practices which are subject to change.  For these reasons, the course material should not be relied upon as a substitute for specialized professional advice