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Video instructions and help with filling out and completing schedule c 2021 instructions
More phone call all kinds of things going off here now okay well I'm gonna drop back to the homepage here I sent a message earlier it's been a little bit hard for me to keep up with you guys I've got some things going on with family members health and so I've just fallen a tiny bit behind but I have added up here today as my fact another article about hobby businesses which is something we'll probably talk about tonight when we talk about the Schedule C and then a useful item that is just sort of a summary of all of the different business entities and so this really talks about limited liability companies S corporations regular corporations schedule C's and just a little bit of the differences between those different items and sometimes it's I find it kind of nice to have a summary like that because it's all contained on a single page in this case and so some of those entities are what we refer to as flow-through entities or pass-through entities and other entities are separate and so a corporation is a separate entity that files a separate tax return in the corporate sense it's an 1120 it's a form 1120 is what it is this whole proprietorship in contrast is a pass-through entity and so what we do is we include that income on the owners tax return and we do that by way of the Schedule C which is going to be a reporting of the business income and expenses and then eventually the profit from the business is going to flow through to the front of the 1040 so and we talk about passed through or flow-through entities that's what we're meaning that the income is ultimately being taxed on some individuals tax return so other thing here that I mentioned in my note the second midterm we're not going to do it this week I've got a tiny bit of work to do on it still and I want to get your Anderson tax returns graded first and so I'm just going to delay that push it into week seven it'll still be Saturday of week seven so that's going to give us a little bit more time to prep and a little bit more time to catch up so that's kind of the housekeeping things that we need to do tonight and so on to our Schedule C you know much like our schedule a or our Schedule B you know some of the things we've looked at the Schedule C is just a form that gets attached to the 1040 and I want to take us through the masthead up here these first a through J talked about some of the important issues that are also covered in the chapter in that area we'll talk about the income and in the expense categorizing and then we'll talk down here a little bit about the home office.