For business (Sch C) and rental (Sch E) click on the following link for
FoxTax.Org. Presently this site will also have useful information on bookkeeping procedures for a small business
and/or rentals. In addition the 8 page Intake contains helpful reminders.
A guideline for a business is that it must be real and meaningful source of income. Losses can not exceed
income unless it is a real job which is determined by the manner/time spent/ history/ financial status/ and profit of the
business.
A business is the total of all income (including sales tax) minus the total of all expenses. If income exceeds expenses you
have a profit (this is good!!), which is subject to self-employment taxes (if over $400) and income tax. Taxes are sent in
quarterly. Set up an appointment and we will show you how to file and how much to send in, along with keeping basic records.
