Schedule C and Other Small Business Taxes
Do you know how to report your business income and maximize deductions on your tax return?
This FREE Live Webinar on “Schedule C and Other Small Business Taxes” is designed for sole proprietors, self-employed individuals, and gig economy workers. This session will walk you through the process of reporting income and expenses using IRS Schedule C, and highlight other key small business tax considerations.
Presented by David Higgins, Tax Specialist at the Internal Revenue Service (IRS), this workshop offers a step-by-step guide to completing Schedule C and understanding which expenses are deductible. You’ll also learn about important updates from the Tax Cuts and Jobs Act, how to handle bartering income, and how certain deductions flow to your individual tax return.
If you’re a small business owner preparing for tax season, this training will help you report income accurately and take advantage of the deductions available to you.
Topics covered in this training include:
- Understanding the Qualified Business Income (Section 199A) Deduction.
- Completing Schedule C, Part I:
- Gross Receipts.
- Returns and Allowances.
- Cost of Goods Sold.
- Gross Profit and Gross Income.
- Bartering income.
- Completing Schedule C, Part II:
- Car and Truck Expenses.
- Depreciation and expensing under the Tax Cuts and Jobs Act of 2017.
- Legal, professional, and office expenses.
- Supplies.
- Travel, meals, and entertainment.
- Calculating Net Profit or Loss.
- Reporting possible deductions on Form 1040.
More info & registration: HERE
David Higgins
Tax Specialist at the Internal Revenue Service (IRS)
David Higgins works for the IRS in the Communications and Liaison Division as a Tax Specialist in Seattle, WA. David serves as the primary IRS contact to community, industry, and business organizations throughout Washington and Alaska. David educates on a variety of tax topics to all taxpayer communities, including employers, community groups, small business resource partners and tax practitioner organizations.
David began his career with the Internal Revenue Service in 2010 in Taxpayer Service, education, compliance, and tax law. Before joining the IRS, David served in the US Census providing outreach to community groups.
