Individuals are leaving the work force in droves due to retirement or resignation. Many choose to start their own businesses. This course explores the planning opportunities for those starting their own business. Issues addressed include making sure you will be treated as a business, choice of entity, Schedule C deductions, avoiding the self-employment tax, retirement plans, self-employed health insurance, employing family members and loss limitations.
Learning Objectives
• Determine the risks and opportunities of starting your own business
• Recognize the requirements for the most-commonly claimed deductions, including transportation, employee fringe benefits, retirement plans, depreciation, and home offices
• Identify the importance of avoiding the at-risk and passive activity loss limitations and making the right business entity election
Major Topics
• 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
• This course covers in-depth what advisers of sole proprietors and single-member limited-liability-company owners need to know
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