01/06/2023
Great rising good people !
If this is your first year preparing taxes hereโs 4 things I want you to remember to do for your Schedule C clients.
๐ Educate them on the benefits of estimated taxes for both the federal level and for their state.
๐ Make sure that they are fully aware their tax liability does not end with income taxes.
๐ Make sure they understand that if they do owe federal income taxes, whatever payment arrangement made with the IRS is not being applied towards anything they may owe separately at the state level.
๐Sales Tax is on the State level. Depending on their State and business they maybe responsible for!