What Your Tax Preparer Needs to Know | Accounting How To

What Your Tax Preparer Needs to Know | Accounting How To explains the basics of what accounting records business owners need to get their tax returns prepared, including 1099 income statements, how revenue is tracked, how expenses are categorized, and why income tax return preparation is complicated. This is an accounting tutorial for accounting students, business owners, and bookkeepers to explain accounting basics for beginners. Featuring Terrance the T-Account Rex and accounting educator, Caroline Grimm, this accounting tutorial is part of a playlist series called Basic Accounting for Business Owners. ⏰ Time Stamps 00:00 What this video ISN'T about! 00:41 Types of accounts to track for taxes 00:59 Revenue and Expense tracking 01:50 How to figure Profit 02:11 Form 1099 and how to figure Revenue 04:52 What expenses can be deducted on your tax return 08:08 Smoking Hot Deal! 08:44 Assets and Depreciation 10:32 Section 179 Depreciation 11:32 Increasing your financial muscles: Strength in Numbers 🎥Financial Statements for Complete Beginners https://youtu.be/_SRscyHHXDc