Solo Business Owners: Beware of IRS Focus on Schedule C

The IRS is planning to focus a lot more on the Schedule Cs that are filed with taxpayers’ 1040s this year because they think that’s a major source of the tax gap. That’s the difference between what the IRS thinks taxpayers should be paying in Federal income taxes and the amount that taxpayers actually report as their tax liability.

What causes the tax gap? Continue reading

Tax Help for Self-Employed Business Owners

April 15th is fast approaching. Do you need help with your business tax return?

I’ll be teaching a teleclass about small business taxes for the International Association of Solopreneurs on Tuesday night March 31st at 8 PM EDT. The class is free for IAS members and guests can join the event for [...]