Episode
Enrolled Agent Exam [Part 2] 03, Schedule C — Common Deductible Expenses
- Podcast
- Finance Exam Prep
- Published
- Apr 30, 2026
- Duration seconds
- 230
- Processing state
not_requested- Canonical source
- https://open-exam-prep.com/
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Summary
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: - The two-part "ordinary and necessary" test required for all Schedule C deductions. - How to distinguish between deductible employee wages and non-deductible draws for a sole proprietor. - The crucial difference between deducting contract labor versus wages and the associated tax forms. - Why self-employed health insurance premiums are not deducted on Schedule C, a common exam trap. - The importance of documentation and the rule against deducting the personal-use portion of expenses. 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