Few entrepreneurs go into business because they love keeping detailed records of their business finances. Many, instead, launch a business in pursuit of self-fulfillment, independence, personal satisfaction and even necessity. Still, sound recordkeeping is essential for tracking business performance, making critical adjustments to improve performance and for tax purposes. Even the most talented entrepreneurial makers and doers often need some guidance when it comes to keeping accurate, timely and organized records. Read the rest of this entry
IRS leadership has partially reversed its mid-October decision that limited VITA scope to assisting only self-employed individuals that meet the criteria for filing a Schedule C-EZ tax return. The IRS now is permitting the 16 programs of the Schedule C Initiative to continue to assist clients with Schedule C filings during the upcoming 2013 tax-filing season.
After soliciting guidance from the VITA field about the effects of reducing the scope of self-employment tax assistance, NCTC worked closely with IRS SPEC leadership to respond to these concerns and develop a solution that still allows low- and moderate-income, self-employed taxpayers to be served at VITA sites. Read the rest of this entry