The Internal Revenue Service (IRS) website offers several resources to assist new and small business owners with information needed to understand and meet federal tax obligations. Tutorials are available on-line and are conveniently labeled for easy accessibility anytime.
Completing a filing a Schedule C Part I and Part II requires standard information about yourself and your business including:
- Gross Receipts and Returns & Allowances
- Cost of Goods Sold
- Gross Profit
- Gross Income
- Bartering
- Car & Truck Expense
- Depreciation
- Legal & Professional Services
- Office Expenses
- Supplies
- Travel, Meals & Entertainment
- Net Profit or Loss
For a complete list of Schedule C Part I and Part II information and instructions, simply visit the IRS website Schedule C and other small business taxes page.
Many business owners operating as a Sole Proprietorship, Partnership, S Corporation, as well as some Trusts and Estates, may be eligible for a Qualified Business Income Deduction, also known as the Section 199A deduction. The deduction allows eligible owners of these businesses to deduct up to twenty percent of their qualified business income. For more information and all of the details about the Qualified Business Income Deduction, visit the IRS website Schedule C and other small business taxes page.
The IRS website for businesses also provides resources for understanding business expenses, business income, taxes and more. It’s easy to use, provides the most current and accurate information, and is updated frequently to help new and small business owners with the information needed to meet federal tax obligations.
As an experienced payroll partner, Southland Data Processing also offers support to help keep payroll processing organized, compliant and accurate. Clients can expect to have access to a variety of resources, training and educational webinars to stay current with the latest news and information.
For more information about our payroll services, please contact our payroll professionals at 909.946.2032. Or, click here and Let’s Talk!
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*Southland Data Processing, Inc. (“SDP”) is not a law firm. This article is intended for informational purposes only and should not be relied upon in reaching a conclusion in a particular area of law. Applicability of the legal principles discussed may differ substantially in individual situations. Receipt of this or any other SDP materials does not create an attorney-client relationship. SDP is not responsible for any inadvertent errors that may occur in the publishing process.