Get More Time to Prove Profit Motive
To claim business-related tax breaks, you must run the business with the goal of making a profit. This can be tricky to establish in the first few years. Form 5213 provides you with a grace period to establish a profit motive.
Familiarize Yourself With Schedule C
If you are a sole proprietor, it is likely that you will report your business income and expenses on Form 1040, Schedule C. Taking time to review the form can help you be more prepared for tax season.