Tax Return Tuesday #8 - Schedule C

Happy tax return Tuesday! Today's tax return tip for family lawyers is Schedule C.

Schedule C reports profit and loss from a sole proprietorships and single member LLCs.

While Schedule C is helpful in identifying a company's profit and loss, it does not contain a balance sheet showing company assets and liabilities. In most instances, it will be necessary to request additional information to understand the full financial position of the company.

Also remember that any request for tax returns for a single member LLC is not applicable, since it is reported in Schedule C of the personal tax return.

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