Intro to Software w/Bank Funding
Answer the questions based off of what you learned via the training video
Date
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/
Month
/
Day
Year
Date
Name
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First Name
Last Name
Email
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example@example.com
Phone Number
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Please enter a valid phone number.
Format: (000) 000-0000.
Which type of taxpayer files a Schedule C in TaxSlayer?
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Corporations
Partnerships
Single-member LLCs and Sole Proprietors
Non-profit organizations
What is a key document usually needed from a client to report self-employment income?
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W-2
1099-NEC or 1099-MISC
Form 1098-T
Schedule A
True or False: A sole proprietor must report both income and business-related expenses on Schedule C.
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True
False
What is the main purpose of using Santa Barbara Tax Products Group in our tax business?
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To prepare tax returns faster
To process payments to tax clients and pay preparers through a bank product
To store client records online
To calculate state taxes only
True or False: Bank funding through Santa Barbara Tax Products Group allows clients to have preparation fees deducted from their refund.
True
False
Where in TaxSlayer do you enter Schedule C business income and expenses?
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Deductions tab
Income section under “Business Income”
Credits tab
E-file section
Which of the following is an example of an allowable business expense on Schedule C?
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Personal groceries
Clothing for everyday use
Office supplies and business advertising
Family vacation costs
Why is accurate recordkeeping important when preparing a business return?
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To justify income and expenses in case of IRS audit
To ensure the client receives all eligible deductions
To avoid errors that could lead to penalties
All of the above
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