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:
âĒ the uses of recordkeeping
âĒ how to calculate gross profit and gross income
âĒ how to calculate net profit or loss
âĒ how to identify and deduct expenses
âĒ how to document income and expenses
âĒ recordkeeping timeframes
Speaker: Anika T. Pompey, IRS Senior Stakeholder Liaison  Â