Small Business Taxes Made Easy: Income (Completed)

Join the class to learn how to set up or improve your business during this COVID19 time in the world. This course is based on the tips and tools discussed in TaxMama’s latest book, Small Business Taxes Made Easy. Many small business owners make major mistakes when they record their income for tax purposes. Either they include deposits that are not income; or don’t include earnings that are income. This course will help tax professionals identify missing income and to guide tax professionals and business owners on what is taxable income.

While not required, having a copy of the textbook Small Business Taxes Made Easy, 4th Edition is beneficial.

Who Should Attend
Tax practitioners at all levels regardless of tax practice and Business Owners.

Topics Covered

• Defining taxable income — in general
• Defining taxable income — in for businesses
• Understanding about barter and other non-cash transactions
• The difference between income, loans and capital investments as sources of deposits to the business
• When is income constructively received
  • And how to reconcile legitimate timing differences on 1099-MISCs
  • 1099s received by the business — and how to report them if they are wrong
• Are sales taxes that you collect part of your income
• Income people rarely report — and why they should
• Understand how the IRS will catch the business owner when they don't report income — IRS Cash Audit Guide
• Considerations regarding Sec 199A Qualified Business Income Deductions Income resources

Learning Objectives

• Identify what the IRS considers income — even when it's not paid in cash or check

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None