Income — Business Workout
Skills Workout
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Certification Warm Up: Drill & Practice
Generally an independent contractor will receive Form 1099-NEC showing income they earned in box 1.
Yes
No
Volunteers may assist self-employed taxpayers who file Schedule C if they incur $35,000 or less in business expenses.
Yes
No
Taxpayers who file Schedule C may be required to file Schedule SE if their net profit was $400 or more
Yes
No
Phillipe works full-time but has a home business teaching Tai Chi. He received cash payments of $3,677. Would his cash income be reported on Form 1040 as wages?
Yes
No
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Workout Resources
Publication 4491 Business Income
Intake/Interview & Quality Review Sheet
Business Income Resoures and Job Aids from Publication 4012
Skills Warm Up: Workout Resources
Reporting Business Income
Case Study 1: Form 1040
Case Study 2: Form 1040
Skills Warm Up: Schedules C
Schedule C In Scope for VITA/TCE
Skills Warm Up: When Schedule C is In Scope for VITA/TCE
Case Study 1: Self-Employment Income
Clarifying Taxpayers' Business Income and Expenses
Skills Warm Up: Schedule C Situations that Raise a "Red Flag"
Case Study 1: Clarifying Taxpayer Information
Business Expenses In Scope for VITA/TCE
Case Study 1: Types of Business Expenses
Case Study 2: Types of Business Expenses
Case Study 3: Types of Business Expenses
Skills Warm Up: Types of Business Expenses
Completing Schedule C
Resources for Part I: General Information
Resources for Part II: Figure Net Profit
Resources for Part III: Information on Your Vehicle
Case Study 1: Schedule C
Skills Warm Up: Schedule C
Recordkeeping
Case Study 1: Reconstructing Records
Out of Scope
Out of Scope Situations for VITA/TCE
Skills Workout
Certification Warm Up: Question 1 of 3
Certification Warm Up: Drill & Practice
More Resources and Practice
More Resources and Practice
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Pub 4491, Business Income
