What form does a self-employed sole proprietor usually use to report income and expenses from business?
In the current year Mary started a profitable housekeeping business as a sole proprietor. She has ten housekeepers working for her and spends her time selling their services and coordinating her employees time. Mary made $50,000 in her first year of operations. In addition to filing Schedule C to report her business earnings, Mary must also file:
Daniel is self employed consultant. Until this year he was always an employee. He comes to discuss new business with you. AS his tax accountant, you should:
Discuss setting up a good record keeping system for his business, requirements for meals and entertainment, self-employment tax, income tax, business earnings, rules for deducting automobile expenses
What is the formula for proper method of calculating cost of goods sold?