Income and Deductions
Net Income
What is taxable income?
Keep these for 3 years
What are tax records?
Cleaning your FCC Space
What is part of the time calculation?
Rules set by the IRS for cost of food
Standard Dedcutions
$0.575
What is the mileage deduction?
Income Earned from operating your business
What is business income?
Avoid an audit
What is keeping good tax records?
Multiply percentage of space by the percentage of time
What is the time/space calculation?
$0.74
What is the snack deduction?
These are nontaxable
What are stimulus payments?
Toys, art supplies, books
What is material deductions
Keep these for 7 years
What are loss tax records?
What is space usage calcutation?
What are total cost deductions?
Other taxable income
What are grants received?
Deductions
What are costs you can deduct from your income?
Income and Cost are tracked in this
What is a monthly journal?
Record the time you spend on your business every day for 3 months
How do you justify your time calculation?
Food served before 9 AM
What is breakfast?
$10,200
What is the portion of unemployment benefits that you will not be taxed on?
Utilities, rent, insurance
What are deductions you can take from your home?
Check received for tuition
What is an income record?
Time spent in your home operating your business
What is the space usage calculation?
11:00 AM to 1:30 PM
What is lunchtime?
May 17, 2021
When are taxes due?