This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.

In this episode you will learn:

• How to calculate net profit on Schedule C by subtracting ordinary and necessary expenses from gross receipts.

• The critical factors the IRS uses to differentiate an employee from an independent contractor, focusing on the right to control.

• Why bartered services must be included in gross receipts at their fair market value.

• The common exam trap of distinguishing between currently deductible expenses and capital expenditures.

• How net self-employment earnings are subject to SE tax and the proper placement of the one-half SE tax deduction.

For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep