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Strategic Planning for Schedule C: Paycheck Protection Forgiveness, QBI, SE Health Insurance, Retirement Plans

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Monday, April 26, 2021

Recorded event now available

or call 1-800-926-7926

This course will explore the tax issues of self-employed taxpayers. Our panel of small business experts will explain topics relative to self-employed taxpayers, including qualifying for PPP loan forgiveness, deducting office in the home, maximizing retirement plan contributions, and deducting self-employed health insurance to minimize the tax burden for these hard-working individuals.


Sole proprietors, independent contractors, and gig workers all file Schedule C, Profit or Loss From Business. There are unique issues for these businesses. On the forefront is applying for PPP loan forgiveness. Since the owner receives net proceeds from the business, often there is no salary paid to others. At the same time, the draws taken may count toward loan forgiveness.

These small businesses often have an office in their homes. This is a valuable deduction allowing tax savings for utilities, cleaning, insurance, and other expenses taxpayers pay regardless of business operations. Preparers must consider the $5 per square foot deduction versus deducting actual expenses. There is no depreciation recapture with the former, but the latter usually results in greater tax savings. Understanding which method is better when, how to report each, and which businesses are eligible for this deduction is critical for practitioners working with these businesses.

Unique to Schedule C filers is the ability to deduct, before adjusted gross income, self-employed insurance. These rules are complex, but eligibility for this deduction lowers taxable income and lowers the floor for calculating other tax benefits. Schedule C filers often have a retirement plan along with W-2 earnings and can also contribute to a self-employed retirement plan. Tax advisers who know how to maximize the retirement plan limits can provide substantial tax savings to sole proprietors.

Listen as our panel of tax veterans discusses filing Schedule C for sole proprietors, including maximizing the qualified business income deduction, minimizing self-employment tax, and when becoming an entity is a viable alternative.



  1. Sole proprietors
  2. PPP Loan Forgiveness and other relief
  3. Qualified business income
  4. Deductions
  5. Office in home
  6. Self-employed health insurance
  7. Retirement plans
  8. Self-employment tax
  9. When to consider LLC or S-Corporation status
  10. Illustrations


The panel will review these and other critical issues:

  • How to maximize retirement savings for taxpayers participating in multiple plans
  • How sole proprietors meet PPP loan forgiveness requirements
  • When is it better to use the square footage method for office-in-home?
  • When should self-employed taxpayers consider becoming an S corporation?


Freeman, Jason
Jason B. Freeman, J.D., CPA

Founder and Managing Member
Freeman Law

Mr. Freeman is a dual-credentialed attorney-CPA, author, law professor, and trial attorney. He represents clients in...  |  Read More

Zbylut, Gregory
Gregory A. Zbylut, CPA

Tax Attorney
Breyer Andrew

Mr. Zbylut has 15 years of experience as a tax and business attorney and prior to law school he worked as a CPA and...  |  Read More

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