It’s tax season and I’ve been getting several emails from homeschool business owners, especially Classical Conversations directors, about how to fill out their tax returns.
The IRS has a terrific website called Understanding Taxes that explains how to fill out a simple business tax return.
It’s quite good. I’ve used their simulations when I taught personal finance at my homeschool co-op
Visit these websites to learn how to fill out your Schedule C Business Income and Loss.
Simulation of filing a simple business tax return using Schedule C-EZ
Simulation of filing a simple business tax return with a 1099-MISC (this simulation would be helpful for a Classical Conversation tutor who receives a 1099-MISC).
You could also try searching Youtube for helpful videos on preparing a business tax return. Here’s one I found:
How to Fill Out Schedule C for Business Taxes He goes over the Schedule C line by line in about 20 minutes.
I hope that helps,
Carol Topp, CPA