Welcome to the webinar! Welcome to NASA tax talk! My name is Keith Hall. I'm the national tax advisor for NASA. Today, we're going to talk about the Schedule C. What you need to know about the Schedule C is that it is the primary tax form for sole proprietors that is attached to your personal tax return. This includes all the income and expenses and other information that the IRS needs from us as small business owners. So, hopefully today, the next 30 minutes or so, you'll get a good understanding of exactly what the Schedule C is, how to prepare it, and some valuable resources to help you attack that Schedule C. Believe it or not, the IRS expects there to be 23 million scheduled sees filed for this tax year. That's 23 million small business owners that will file a Schedule C. That's almost one out of six families, one out of every six tax returns is going to have a Schedule C attached to it. That's a giant number of small business owners. Very powerful segments of our economy, I wish I could find some way for all of us small business owners to vote as a block, if we could figure out how to do that then all of our representatives our president senators congressional representatives, all those people would be small business advocates. 70% of all new jobs generated in this country come from small business owners. According to the Kauffman Foundation, there are 560 thousand new entrepreneurs every single month. That's very, very powerful, and it's growing every day. The main point of this is to let you know maybe the most important thing I want you to know, and always remember you're not alone. There are millions of us out there, and there are resources available for you, including...
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How to prepare Form 1040 (Schedule H)
About Form 1040 (Schedule H)
Form 1040 (Schedule H) is a tax form used by individuals who have household employees and need to report the wages paid to them. Household employees are people who work in or around your home and are paid more than a certain threshold amount during the year. Examples of household employees include nannies, housekeepers, drivers, and caregivers. Schedule H is filed as an attachment to Form 1040 and includes information on the wages paid, Social Security and Medicare taxes withheld, and other related information. The form is used to calculate and report the employer's share of Social Security and Medicare taxes. Individuals who employ household workers and pay them more than the threshold amount are required to file Form 1040 (Schedule H). The threshold amount for 2024 is $2,300. If you are unsure if you need to file Form 1040 (Schedule H), you should consult with a tax professional or the IRS.
What Is Schedule H?
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