Welcome and Introduction

with Bill Brough

 

Professional Tax Preparer: Profitable Business Returns

Learn to Prepare Business Tax Returns with Confidence

Move beyond personal income tax preparation and build the skills needed to serve business clients.

Add Tax Preparation to Your Professional Skill Set

Tax preparation is one of the most valuable services you can add to an accounting, bookkeeping, or advisory practice. Every year, individuals and businesses are required to file tax returns, and many need help understanding how their income, expenses, deductions, and entity structure affect the final result.

The Professional Tax Preparer: Profitable Business Returns course helps you move beyond basic individual returns and into the preparation of business returns. Line by line, you will learn how business income is reported, how different entities are treated, and how returns are prepared for sole proprietors, partnerships, corporations, and S corporations.

Whether you want to prepare taxes on the side, expand your current services, or build toward a full tax practice, business tax preparation gives you a stronger foundation and a more valuable skill set.

Why Business Tax Training Matters

Business clients often need more than a once-a-year tax return. They need help understanding income, expenses, deductions, entity structure, and reporting responsibilities.

When you understand business tax returns, you can better serve sole proprietors, independent contractors, partnerships, corporations, S corporations, and small business owners.

What You Will Learn

Business Entities

Understand sole proprietorships, partnerships, corporations, and S corporations.

Tax Concepts in Accounting

Learn how accounting records support accurate tax preparation.

Financial Statements

Review income statements, balance sheets, assets, liabilities, and equity.

Business Property

Understand depreciation, basis, gain, loss, and property dispositions.

Schedule C

Learn how sole proprietors report business income and expenses.

Form 1065

Study partnership returns, allocations, and Schedule K-1 reporting.

Form 1120

Understand C corporation income, deductions, and tax calculation.

Form 1120-S

Learn how S corporation income passes through to shareholders.

Built for Practical Application

This course is not just theory. You will learn how business tax concepts show up in real returns, including business income, ordinary and necessary expenses, cost of goods sold, depreciation, basis, pass-through income, Schedule K-1, owner compensation, and business property sales.

The goal is to help you recognize how business activity becomes tax information.

Who This Course Is For

  • Tax preparers who want to serve business clients
  • Bookkeepers who want to understand tax reporting
  • Career changers entering tax preparation
  • Professionals expanding into small business services
  • Students pursuing the Professional Tax Preparer designation

From Personal Returns to Business Returns

Business tax preparation builds on what you already learned in Personal Income Tax.

You will move from individual income reporting to business income reporting. From W-2s and 1099s to financial statements and business returns. From personal deductions and credits to entity structure, basis, depreciation, and pass-through reporting.

This is where tax preparation becomes a stronger professional service.

Build a More Valuable Tax Practice

Business clients often return year after year. They may also need bookkeeping, payroll, advisory help, tax planning, and ongoing support.

By learning business returns, you position yourself to offer more value and build longer-term client relationships.

Take the Next Step

If you are ready to expand your tax preparation skills and better serve small business clients, Profitable Business Returns is your next step.

Learn the structure. Understand the forms. Build the confidence to prepare business returns.

Course curriculum

  • 1

    Professional Tax Preparer Module 3: Profitable Business Returns

  • 2

    Chapter 1: Business Entities

    • Part 1 - Understanding Business Entities

    • Video: Proprietorships

      FREE PREVIEW

    • Part 2 - Sole Proprietorships

    • Video: Partnerships

    • Part 3 - Partnerships

    • Video: Limited Liabilities Companies

    • Part 4 - Limited Liability Companies (LLCs)

    • Video: S-Corporations

    • Part 5 - S Corporations

    • Video: C-Corporations

    • Part 6 - C Corporations

    • Video: Personal Service Corporation

    • Part 7 - Personal Service Corporations (PSCs)

    • Video: Review

    • Session 1: Review Questions

    • Download Module 3 Chapter 1 Learning Activity

    • Module 3 Chapter 1 Business Entities LA Solutions

    • Chapter 1 Summary: Business Entities
  • 3

    Chapter 2: Tax Concepts in Accounting

    • Video: Introduction

    • Video: Accounting Periods

    • Part 1 - Accounting Periods

    • Video: Accounting Methods

    • Part 2 - Accounting Methods

    • Video: Accounting Basics

    • Part 3 - Accounting Basics

    • Video: Business Taxes

    • Part 4 - Business Taxes

    • Video: Affordable Care Act

    • Part 5 - Taxation Under TCJA

    • Part 6 - Corporate Transparency Act (CTA)

    • Video: Review

    • Session 2: Review Questions

    • Download Module 3 Chapter 2 Learning Activity 1

    • Download Module 3 Chapter 2 Learning Activity 2

    • Module 3 Chapter 2 Tax Concepts in Accounting LA Solutions

    • Chapter 2 Summary: Tax Concepts in Accounting
  • 4

    Chapter 3: Elements of a Business Financial Statement

    • Video: Introduction

    • Video: Income

    • Part 1 - Income

    • Video: Expenses

    • Part 2 - Expenses

    • Video: Cost of Goods Sold

    • Part 3 - Costs

    • Video: Depreciation

    • Part 4 - Depreciation and Amortization

    • Video: Review

    • Session 3: Review Questions

    • Download Module 3 Chapter 3 Learning Activity

    • Module 3 Chapter 3 Elements of a Business Financial Statement LA Solutions

    • Chapter 3 Summary: Elements of a Business Financial Statement
  • 5

    Chapter 4: Dispositions of Business Property

    • Video: Introduction

    • Video: Like Kind Exchanges

    • Part 1 - Like-Kind Exchanges

    • Video: Trade-Ins

    • Part 2 - Trade-Ins

    • Video: Converted Personal Property

    • Part 3 - Converted Personal-Use Property

    • Video: Calculating Gain or Loss

    • Part 4 - Calculating Gain or Loss

    • Video: IRS Property Codes

    • Part 5 - IRS Property Codes

    • Video: Review

    • Session 4: Review Questions

    • Download Module 3 Chapter 4 Learning Activity

    • Module 3 Chapter 4 Learning Activities Solution

    • Chapter 4 Summary: Dispositions of Business Property
  • 6

    Chapter 5: Schedule C

    • Video: Introduction

    • Video: Sole Proprietors_Single Member LLCs

    • Part 1 - Sole Proprietors, Single Member LLCs

    • Video: Hobby or Business

    • Part 2 - Hobby or Business?

    • Video: Income

    • Part 3 - Income

    • Video: Cost of Goods Sold

    • Part 4 - Cost Of Goods Sold

    • Video: Expenses

    • Part 5 - Expenses

    • Video: Office in Home

    • Part 6 - Office In Home

    • Video: Vehicle Expenses

    • Part 7 - Vehicle Information

    • Video: Self-Employment Tax

    • Part 8 - Self-Employment Taxes

    • Video: Estimated Tax Payments

    • Part 9 - Estimated Tax Payments

    • Video: Review

    • Session 5: Review Questions

    • Download Module 3 Chapter 5 Learning Activity

    • Session 5: Schedule C LA Solutions

    • Chapter 5 Summary: Schedule C
  • 7

    Chapter 6: Form 1065 - Partnerships

    • Video: Introduction

    • Video: Partnerships and LLCs

    • Part 1 - Partnerships And LLCs

    • Video: Basis of Partners Interest in Partnership

    • Part 2 - Basis Of Partners' Interest In Partnership

    • Video: Form 1065

    • Part 3 - Form 1065

    • Video: Review

    • Session 6: Review Questions

    • Download Module 3 Chapter 6 Learning Activity

    • Module 3 Chapter 6 Form 1065 - Partnerships LA Solutions

    • Chapter 6 Summary: Form 1065-Partnerships
  • 8

    Chapter 7: Form 1120 - Corporations

    • Video: Introduction

    • Video: Corporations

    • Part 1 - Form 1120 - Corporations

    • Video: Stock

    • Part 2 - Stock

    • Video: Form 1120

    • Part 3 - Form 1120 – Income (Loss) and Deductions

    • Part 4 - Form 1125-A – Cost Of Goods Sold

    • Part 5 - Schedule C – Dividends and Special Deductions

    • Part 6 - Form 1125-E – Compensation of Officers

    • Part 7 - Schedule J – Tax Computation and Payment

    • Part 8 - Schedule K – Other Information

    • Part 9 - Schedule L – Balance Sheet

    • Part 10 - Schedule M-1 – Reconciliation of Income (Loss) per Books

    • Part 11 - Schedule M-2 Analysis of Unappropriated Retained Earnings

    • Part 12 - Estimated Payments and Underpayment of Estimated Taxes

    • Video: Review

    • Session 7: Review Questions

    • Download Module 3 Chapter 7 Learning Activity

    • Module 3 Chapter 7 Form 1120 Corporations LA Solutions

    • Chapter 7 Summary: Form 1120 - Corporations
  • 9

    Chapter 8: Form 1120S - S Corporations

    • Video: Introduction

    • Video: S Corporations

    • Part 1 - S Corporations

    • Video: Form 1120S - Income _Loss and Deductions

    • Part 2 - FORM 1120S – Income(Loss) and Deductions

    • Part 3 - Form 1125-A – Cost of Goods Sold

    • Part 4 - Schedule B - Other Information

    • Part 5 - Schedule K – Shareholder's Pro Rata Share Items

    • Part 6 - Schedule L – Balance Sheet per Books

    • Part 7 - Schedule M-1 – Reconciliation of Income (Loss) per Books with Income (Loss) per Return

    • Part 8 - Schedule M-2 – Analysis of Adjustment Accounts

    • Part 9 - Schedule K-1 – Shareholder's Share of Income (Heading Section)

    • Video: Review

    • Session 8: Review Questions

    • Download Module 3 Chapter 8 Learning Activity

    • Module 3 Chapter 8 Form 1120S - S Corporations LA Solutions

    • Module 3 Index

    • Chapter 8 Summary: Form 1120S - S Corporations
  • 10

    Professional Tax Preparer Module 3 Exam

    • 2026 Professional Tax Preparer Module 3 Practice Exam

    • 2026 Profitable Business Returns
  • 11

    Bonus Training

    • What are 1099s and what do I need to know about them?
  • 12

    Continuing Education Evaluation Form

    • Continuing Education Program Evaluation

What Our Students Are Saying

5 star rating

Nagaranjani Komaragiri

NagaRanjani Komaragiri

The course was nicely divided into sections for corporations, partnerships, sole proprietorships, and limited liability companies, so it is easy to understan...

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The course was nicely divided into sections for corporations, partnerships, sole proprietorships, and limited liability companies, so it is easy to understand the general differences and the application procedures while filing taxes with compliance and regulation.

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4 star rating

Feeling LARGELY more ambitious_now to take on handling Bu...

Kyle Finnegan

This was a truly enlightening "stepping stone" into this area of accounting professionalism - ("where I for one, honestly never once saw myself dabbling in a...

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This was a truly enlightening "stepping stone" into this area of accounting professionalism - ("where I for one, honestly never once saw myself dabbling in areas of Tax advisory/ with already owning a bookkeeping firm, as they say, I was single minded") But alas , it all came to make perfect sense, as through Universals compelling logic! Both go hand in hand, and it just kinda clicked with it being tax season upon us here! So either way, thank you universal! I am still very much so looking forward to crackling open the perks n value of the rest of the program!

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5 star rating

Excellent Course

Minh Tuong Nguyen

This is an excellent tax course to take. I had no knowledge of taxes before this class. I have learned so much. The help from the staffs were bar none. I...

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This is an excellent tax course to take. I had no knowledge of taxes before this class. I have learned so much. The help from the staffs were bar none. I have not taking any class which provided me so much help such as this one.

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5 star rating

Rating

Christie Y Mack

This is a great course to take. Everything that you'll need to becoming a Tax Preparer is provided to you and you can learn at your own pace. Coaches and sta...

Read More

This is a great course to take. Everything that you'll need to becoming a Tax Preparer is provided to you and you can learn at your own pace. Coaches and staff are great and very responsive and helpful

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