In a prior article, we discussed an overview of issues relating to Schedule C.  In this article we will offer some guidelines for the proper preparation of a Schedule C along with some tips help avoid an audit.
First and foremost, submit a complete Schedule C.  This includes completing all sections of the form including your [...]

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In a reinforcement of something that everyone probably realizes already, the 1040 is getting more complicated.  The IRS has now included Schedule L as a part of the 1040 package.  This new form is entitled “Standard Deduction for Certain Filers.”  For as far back as I can remember, the standard deduction was a single line [...]

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Reporting Business Activity on Schedule C
Approximately 23,000,000 Schedule C forms are filed each year.  Most of these represent small, often home-based, businesses.  However a significant number represent large, on-going, or full-time business enterprises.   According to IRS statistics, the annual tax gap is approximately $345 billion.  This is the difference in the amount of tax that [...]

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Welcome to The TaxDoc Spot.  Thank you for visiting my blog. I hope you will find information here that is useful to you.  Feedback is welcome.
Right now this is a work in progress, so there is not much to see.  Come back, as we will be enhancing the blog to provide more for you.
John Stancil, [...]

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