Tax Planning for Sole Proprietors & Other Business Owners 2024

Individuals are leaving the workforce in droves due to retirement or resignation, and many are choosing to start their own businesses. This course explores the planning opportunities for those starting their own businesses or advising clients. Issues addressed include making sure you will be treated as a business, choice of entity, Schedule C deductions, depreciation, avoiding the self-employment tax, retirement plans, self-employed health insurance, employing family members, and loss limitations.

Presenters - James Randall Gardner

Designed For: CPAs, financial advisers, attorneys and self-employed individuals.

Role Level - Entry-level/Individual contributor; Manager/Senior Manager; Executive/VP; C-Suite; Sole Practitioner

• 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

• 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
• In-depth coverage of what advisers of sole proprietors and single-member limited-liability-company owners need to know

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