(M) Tax Reporting for Sole Proprietors

Sole proprietors and LLCs summarize their tax accounting to the IRS on a Schedule C. The Schedule C collects information about business income as well as expenses, and the resulting net income is reported on Form 1040. In many cases, business owners operating as sole proprietors/LLCs can deduct for business use of the home and of their vehicle. This workshop will cover:

• who can use the Schedule C
• which forms are used for other business structures: corporations, non-profits, and partnerships
• record-keeping requirements
• filling out the Schedule C for service businesses
• filling out the Schedule C for product oriented businesses
• business use of the home calculations
• vehicle expense alternatives and calculations
• depreciation decisions
• subcontractor reporting requirements
• payroll reporting requirements
• state of South Carolina business reporting
• whether you need an accountant
• likelihood of IRS audit