Introduction to Schedule C and Business Recordkeeping

Good recordkeeping plays a pivotal part in the success of your business, and it also plays a huge role in the preparation of your income tax return. This presentation covers a brief overview of Schedule C, Profit or Loss from Business, and discusses recordkeeping for your Schedule C.

During the presentation we addressed:

• the uses of recordkeeping

• how to calculate gross profit and gross income

• how to calculate net profit or loss

• how to identify and deduct expenses

• how to document income and expenses

• recordkeeping timeframes

Speaker: Anika T. Pompey, IRS Senior Stakeholder Liaison