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This webinar will provide an overview of filing Schedule C, used on tax form 1040 to report profit or loss from business you operated or profession you practiced as sole proprietor. It will be particularly useful to self-employed arts workers, independently contracted artists and performers, and single-member LLCs who plan to itemize and deduct business-related expenses on their 2020 1040 tax return.
It will cover topics such as:
– Who should file Schedule C?
– What qualifies as business expenses?
– How does filing a Schedule C impact my tax liabilities?
– A portion of the discussion will also address how to account for grants and other pandemic-related assistance received in 2020.