Federal Tax Essentials with the IRS – Lesson 2

Lesson 2: Schedule C and other small business taxes 

·           Qualified Business Income (Section 199A) Deduction

·           Completing Schedule C Part 1

·           Gross Receipts and Returns & Allowances

·           Cost of goods sold

·           Gross Profit and Gross Income

·           Bartering

·           Completing Schedule C Part II

·           Car and Truck Expense

·           Depreciation

·           Tax Cut and Jobs Act of 2017 – Changes to Expensing and Depreciation

·           Legal and Professional Services and Office Expenses

·           Supplies

·           Travel, Meals, and Entertainment

·           Net Profit or Loss

·           Possible Deductions on Form 1040

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