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IRS Form 1040 Schedule C and Form 1099 2021: Individual Income Tax Changes | Child Tax Credit and Expansion

Outline

This training will cover changes to individual taxes for 2021. This includes stimulus payments, the expansion of the child tax credit, and the expansion of the credit for daycare expenses. We will also cover topics pertaining to sole proprietors, including changes to Form 1099 reporting, and how a sole proprietor can claim tax credits under the Families First Coronavirus Response Act.


Schedule C is applicable to those who file the basic Form 1040, as well as seniors age 65 and older who file Form 1040-SR instead of the basic 1040. It usually brings concerns and confusion for self-employed or sole proprietors, while navigating through Schedule C to report business income. Although the approach for Form 1040 seems simple on the surface, there are many traps for the unwary.


At Compliancevent, we make this criteria of filing easy to grasp. We will go through Form 1099 and Schedule C of Form 1040 (sole proprietorship tax returns) in detail to clear up all uncertainties filers may have.



Topics Discussed in the Session

-Changes pertaining to sole proprietors, including FFCRA credits, changes to Form 1099, and reporting business losses on personal returns
-Form 1040 - Schedule C 2021
-What's Form 1040-SR?
-Stimulus payments
-Expanded child tax credit
-Expanded daycare credit
-Expanded unemployment
-Changes to charitable contributions
-Effective accounting methods
-Up-to-the-minute Congressional updates
-Constructive Receipt
-EIN or SSN
-Prepaid expenditures & advance payments
-Retirement Accounts
-QBI Deduction
-Health insurance



You Will Get Answers To

-What's the difference between the cash and accrual method?
-What's the right period in which taxpayers must know income and/or deductions?
-Which taxpayer is required to file Schedule C?
-How can you identify different types of typical deductions (utilities, advertising, supplies, etc)?
-How can you develop a working knowledge of related issues, such as reporting the deduction of self-employed health insurance, employment taxes, home office deductions, and proper reporting of employee/independent contractor salaries and retirement contributions?
-How to smartly deduct the cost of a company car?



Why You Should Attend

This session will help keep you prepared for all of the changes to individual taxes for 2021. We will have an in-depth review of the changes in Form 1040 and 1099.


COVID-19 in particular has driven many changes in both 2020 and 2021 and it can be hard to keep up with the changes. This training will help remove the uncertainty.



Who Will Benefit

-Accountants
-Payroll professionals
-HR professionals
-Accounts Director
-Tax professionals
-Tax Managers
-Accounting Practice Owners 
-Accounting Managers
-Bookkeeper
-Tax Director (Industry)
-Tax Pros
-Tax Accountant (Industry)
-Senior Accountant
-Tax Practitioners
-CPA Mid & Small Size Firm CPA
-CPA in Business
-Young CPA
-Enrolled Agent
-Entrepreneurial CPA
-Tax Preparer
-Tax Firm

 

You may ask your Question directly to our expert during the Q&A session.

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