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
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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.
In TaxSlayer Pro, where do you go to start entering Schedule C information for a taxpayer who is self-employed?
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Income Menu → W-2 Wages
Adjustments Menu → Educator Expenses
Income Menu→ Schedule C
Credits Menu → EIC
Why is entering the correct business code (NAICS code) important when completing Schedule C in TaxSlayer Pro?
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It helps the IRS identify the type of business for accuracy and audit purposes
It determines the client’s filing status
It calculates Earned Income Credit
It changes the taxpayer’s tax bracket
True or False:Itemized deductions should only be entered in TaxSlayer Pro if the taxpayer’s total itemized deductions are greater than their standard deduction.
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True
False
If a client has multiple businesses, how is this handled in TaxSlayer Pro?
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Only one Schedule C can be created
Expenses must be combined manually
Create multiple Schedule C's
You must file an amended return
True or False:Refundable tax credits, such as the Earned Income Credit (EIC), can increase a taxpayer’s refund even if they owe no tax.
True
False
What happens if you forget to link a 1099-NEC to a Schedule C?
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The system automatically links it
The 1099-NEC becomes non-taxable
The form appears as unmatched income and may cause IRS errors or audits
Nothing changes
Which of the following is an example of an allowable business expense on Schedule C?
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A deduction reduces total tax owed, while a credit reduces taxable income
A credit reduces taxable income, while a deduction reduces tax owed
A deduction reduces taxable income, while a credit reduces tax owed directly
Both reduce only self-employment tax
A tax deduction of $1,000 will:
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Increase the refund by $1,000
Reduce tax owed by $1,000
Reduce taxable income by $1,000
Reduce earned income tax credit eligibility
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