A few pointers that will help take the pain out of filing your taxes.
by Margo F. Bowman
COURSE DESCRIPTION:
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.
CONTACT HOURS: 2.0
COURSE OBJECTIVE:
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 offce
expenses.
- Defne exclusive and regular use of a home offce.
- List 10 deductions that are reasonable for a massage practice.
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
(e.g., S Corporations) but the form to file and the line numbers would be different.
The image of IRS agents sifting
through returns and making taxpayers
sweat through questions about
each deduction has endured for years.
So, if abject fear and extreme dislike
are two feelings you have when you
think of taxes, you aren't alone.
Doing taxes is a necessary part
of being in business, however, and
whether you're newly licensed or
have had a practice of your own for
many years, keeping complete and
timely financial records is a must.
Being meticulous about your record
keeping makes filing an accurate tax
return less difficult - and gives you
a good indication of how your business
is doing and where you might
need to make some adjustments.
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American Massage Therapy Association®
