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)
What do I do with my Schedule H? All your Schedules H are now electronically filed in this digital format to eliminate the need to fill out paper IRS forms. Schedule H is not part of your tax return, and it is up to you to decide what to do with it. For example, you might want to: Send them to your accountant. Send them to a lawyer or other professional Use them for a business expense Send them to your state for publication Send them to your state's Department of Revenue for publication If you use Form W-2 or Form W-3 online, you must mail Form 1040 Schedule H to us. Send them by mail if you want your tax return done electronically, or they may be available for download online for certain filing types. Mail Form 1040 Schedule H to: U.S. Department of the Treasury, Internal Revenue Service, Mail Stop: P.O. Box 979050, St.
What Is Schedule H?
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