Taking Care of Your Taxes

Course overview

When you complete this course you will be able to: Understand the value of record keeping for a variety of business organizations, Explain different ways of organizing as a business entity, Explain how the Internal Revenue Service determines who to audit, Define basic terms: accounting journal, general ledger, balance sheet, statement of income and expense, estimated quarterly taxes, depreciation, cash vs. accrual accounting, budget, credit, tax home and draws, Describe how accounting and tax preparation software can be used to document and define discounts, traded services, travel, meal, gift and home office expenses, Define exclusive and regular use of a home office, Explain the difference between 1099 contractors and employees and how to calculate payroll and quarterly taxes, Describe two kinds of retirement plans for your employees, List 10 deductions found in this course that are reasonable for a massage practice