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Itemized Deduction Worksheet & Small Business Itemized Form

Itemized Deduction Worksheet & Small Business Itemized Form

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Hey guys, this is Toby Mathis, and we're going to talk about 12 tax deductions for small businesses. So let's jump right on in. Number one, whenever we're talking about a small business, understand that there's different varieties of how they can be set up for tax purposes. The Lazy Man. And the easiest one is being a sole proprietor, which is really no different than you and your business being like this one in this thing, the audit rates are about six, seven, 800% higher for sole proprietors because of this. And they lose about 94 to 95% of their audits and they pay more tax. So I'm going to throw that one right out the door. If you are going into small business and you're going to do it in earnest and you're going to intend to make money that we need to be smarter than that. We need to be an S-Corp a C Corp or an LLC, taxed as an S-Corp or an LLC, taxed as a C Corp from a tax standpoint. There's really only two flavors

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