# Enrolled Agent Exam [Part 2] 01, Sole Proprietorship Basics and Schedule C

Page: https://stenobird.com/podcast/finance-exam-prep-7658413/enrolled-agent-exam-part-2-01-sole-proprietorship-basics-and-schedule-c
Text version: https://stenobird.com/podcast/finance-exam-prep-7658413/enrolled-agent-exam-part-2-01-sole-proprietorship-basics-and-schedule-c.md
Podcast: [Finance Exam Prep](https://stenobird.com/podcast/finance-exam-prep-7658413)
Published: 2026-04-28T22:41:20+00:00
Episode link: https://open-exam-prep.com/
Audio file: https://episodes.captivate.fm/episode/09be4f1a-5fee-4f5f-9e00-cd64fb1ac926.mp3
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Duration seconds: 140

## Resource

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: - What defines a business as a sole proprietorship for federal tax purposes. - The primary function of Schedule C in reporting business profit or loss. - How a sole proprietorship's income and expenses flow through to the owner's Form 1040. - Key differences between deductible business expenses and non-deductible personal costs or owner's draws. - The critical distinction between a for-profit business and a hobby, and the tax implications of this classification. 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

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## Transcript

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