Mastering Small Business Taxes

Federal Taxes and Your New Business - We'll explain the purpose of the employer identification number, describe basic recordkeeping requirements for tax purposes, define basic bookkeeping and accounting methods, explain the forms of business organizations, and finally, suggest how to select the paid tax preparer. Schedule C and Other Small Business Taxes- We'll provide an overview of Form 1040, Schedule C, Profit or Loss from Business, and discuss how to calculate gross profit and gross income, show you how to identify and deduct expenses, and how to calculate net profit or loss. We'll also discuss self-employment tax and estimated tax.