Reporting Your Income to the IRS

About the Course
Whether a shop owner, an employee, or a booth renter (independent contractor), you need to know your federal tax responsibilities, including how to report your income and tips you receive from your customers. The purpose of this course is to describe some of the Federal tax responsibilities that owners and workers must address each day.

Learning objectives
  • Know the benefits of filing a correct tax return.
  • Understand your federal income tax responsibilities.
  • Identify your worker classification.
  • Learn how to report income.
  • Know how to identify business expenses.
  • Know the differences between an employee and an independent contractor.
  • Recognize your responsibilities as a shop owner or employer.
  • Understand what is considered income.