This full-day program addresses the treatment of income and resources associated with various self- employment situations, including sole proprietorships, partnerships, S corporations and rental property. The program includes a discussion on income tax schedules associated with the various self- employment situations, allowable income and resource disregards and exemptions for MAGI-Like, SSI-Related, and ADC-Related categories
As a result of the training, participants will be able to:
Identify deductions allowed by IRS to arrive at net profit
List steps necessary to determine net income when a business is new or when tax returns are not filed
Understand the Self-Employment worksheet to be used by applicants/recipients (A/Rs) to calculate their monthly business income
Complete the 6%-rate-of-return test
Identify IRS forms and schedules used to calculate Sole Proprietorship, partnership and “S” corporation profits/losses