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Small Business Taxes For Dummies, 2nd Edition
book

Small Business Taxes For Dummies, 2nd Edition

by Eric Tyson
March 2019
Beginner content levelBeginner
288 pages
7h 37m
English
For Dummies
Content preview from Small Business Taxes For Dummies, 2nd Edition

Part 2

Ongoing Tax Jobs

IN THIS PART …

Track your business revenues and costs, and understand record-keeping issues (like when to stash and when to trash).

Peruse your Form 1040 filing options: Form 1040EZ (a breeze!), Form 1040A (known as the short form), and Form 1040 (known as the long form).

Make sense of Schedule C and C-EZ. The following are among the qualifications for Schedule C-EZ: Your deductible expenses can’t exceed $5,000, you can’t have an inventory of items for sale, you must operate only one business as a sole proprietor, and you must use the cash method of accounting.

Report the business use of your home; to do so, you need to fill out IRS Form 8829. Watch out, though; be aware of the downsides of home office deductions.

Complete self-employment and other small business–related tax forms, such as IRS Form 1040-ES (“Estimated Tax for Individuals”) and IRS Form 8889 (“Health Savings Accounts”).

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Publisher Resources

ISBN: 9781119517849Purchase book