Taking Care of Your Taxes—a few pointers that will help take the pain out of filing your taxes

$30.00 members / $50.00 nonmembers / 2.0 credit hours / Course #B008

Whether you are newly licensed or have had a practice of your own for many years, the need for a complete, timely record keeping system is mandatory. This course focuses on the benefits of such an accounting system, including preparation of accurate income tax returns and managing information to more successfully run your business.

 

Note: For purposes of this article, it is assumed that the practitioner is a Sole Proprietor or Single Member LLC filing on IRS Form 1040, Schedule C. In most cases, unless otherwise noted, the information provided would also apply to other entities (i.e., S Corporations) but the form to file and the line numbers would be different.

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Objectives

Too often businesses fail because they don’t know their financial picture and cannot make adjustments before a crisis hits or taxes are due. This course provides information to ensure you have a timely and accurate system of record keeping. When you finish this course you will be able to:
• Explain how the Internal Revenue Service determines who to audit.
• Define five terms of basic bookkeeping: accounting journal; general ledger; balance sheet; statement of income and expense; and draws.
• Identify two ways to determine your estimated quarterly taxes.
• Describe how to include discounts and traded services in your statement of income.
• Describe the documentation required for travel, meal, gift and home office expenses.
• Define exclusive and regular use of a home office.
• List 10 deductions found in this course that are reasonable for a massage practice.

Lessons

  1. Audit Risk
  2. Reducing the Risk of an Audit
  3. Bookkeeping 101
  4. Income
  5. Expenses
  6. Automobile Deductions
  7. Working from Home
  8. Comparing and Consulting
  9. Reading List
  10. Course pdf

Quizzes and final exam

After you read a lesson, you should complete the quiz for that lesson. Lesson quizzes do not count toward your final score but they will help you prepare for the final exam. You can take a lesson quiz as often as you like.

Questions in the final are in the form of multiple choice. You must answer at least 70% of the final exam questions correctly to pass the course. You may take the final as often as you like.

Course approval codes

LCEU0000235

Course expiration

Please note that you must complete each AMTA online learning course and pass the exam one year from the date of purchase. If you do not complete the course and pass the exam within one year, you will be required to re-purchase the course.

Copyright

This course contains information that is proprietary. None of the material contained within this course may be used without the express written permission of AMTA unless otherwise indicated in the course. As a reminder, before practicing any new modalities or techniques, check with your state’s massage therapy regulatory authority to ensure they are within the state’s defined scope of practice for massage therapy.

Refunds

Online courses are non-refundable. AMTA will not cover fees incurred from duplicate payments, insufficient funds, stopped payments or credit/debit cards over credit limits.

About the author(s)

Margo Bowman has been a practicing accountant for over 50 years, specializing in Small Business Taxation & Record Keeping. She is a Licensed Tax Consultant (LTC) in Oregon and has earned the Enrolled Agent (EA) designation which allows her to practice before the Internal Revenue Service on behalf of her client base. In addition to taxation and accounting credentials, Margo is also a Licensed Massage Therapist (LMT) in Oregon. This gives her a unique insight into the needs of the massage therapy industry. As a result of this combination of certifications and experience, she has been asked to speak nationally on small business taxation and the record keeping requirements it imposes.

 

Margo graduated from Oregon School of Massage in 1990 and has taught a tax/record keeping class there each year since. Her massage practice has been on a volunteer basis with services provided to hospice, MS and injury patients at no charge. She studied massage in Russia in 1992 and frequently returns to that country as part of a university project.

 

Contact Margo at taxlmt@aol.com.

"AMTA friends have become a second family to me. There are so many benefits as an AMTA member, but the connections and friendships are what I value over everything!"

Pat C., AMTA member since 2003

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