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Kelsey's gross receipts should be reduced by the sales tax She can also deduct the tax paid as an expense. Kelsey's gross receipts should match
Kelsey's gross receipts should be reduced by the sales tax She can also deduct the tax paid as an expense. Kelsey's gross receipts should match the Form 1099-K. If she includes the sales tax in her income, she should deduct the tax paid as an expense Kelsey should include the sales tax received in her gross receipts, and claim the sales tax paid as a reduction to income on Schedule C (Form 1040), line 2. returns and allowances. Kelsey must include the sales tax in her income, but the tax paid is not deductible Mark for follow up Question 35 of 35 Kelsey's salon was shut down for several weeks during 2021 due to the COVID-19 pandemic. As a sole proprietor with no employees, which economic relief option is NOT available to Kelsey? Employee Retention Credit Payroll Tax Deferral Paycheck Protection Program loan Expanded-unemployment benefits Mark for follow up Summary Back Save / Retum Later
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