This full-day “Go-to-Meeting” session addresses the treatment of income and resources associated with various types of self-employment, including sole proprietorships, partnerships, S corporations and rental property. The program includes a discussion on income tax schedules associated with the various types of self-employment, 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 IRS forms and schedules used to calculate Sole Proprietorship, partnership and “S” corporation business income
- Identify deductions allowed by IRS to arrive at self-employment business income
- List steps necessary to determine countable 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 for income producing real property owned by SSI-Related A/Rs