Description
Practice individual returns involving business income, rentals and pass-through income. Work through client documents, reconcile the numbers and evaluate the facts before preparing Form 1040.
What’s Included
- 10 practice returns: 4 Schedule C, 2 Schedule E and 4 combined Schedule C/E files.
- A scenario summary and fictional client documents for every return.
- Two 3-page return blueprints: one for Schedule C and one for Schedule E.
- Completed federal and state return links for every scenario, with answer keys.
How You’ll Use It
Review the client facts and supporting documents, prepare the return in your own tax software, then compare your work with the completed returns. Trace any differences back to the source documents.
View All Scenarios
- Self-employed single parent: filing status, business income and home office.
- Two businesses: allocating income and expenses.
- Gig worker: vehicle expenses and business records.
- Online retailer: inventory and cost of goods sold.
- Employee becoming a partner: partnership K-1 reporting.
- Retired landlord: rental properties and related deductions.
- Royalties and home-office expenses.
- High-income client: passive rental loss limits.
- Duplex ownership with business and home-office issues.
- Real estate professional with multiple rentals.
Who It’s For
Preparers comfortable with basic Form 1040 returns who want deeper practice with self-employment and investment clients.
Format & Details
Digital practice pack • Tax year 2025 • One preparer per license. Tax software is separate. The Form 1040 Blueprint and Client Intake Form referenced in this pack come from the separate 1040 Practice Pack.
