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Gnucash 2.4 Small Business Accounting: Beginner's Guide

The GnuCash income tax module that we will see in this chapter covers only the following US business types:
Individuals who file US Internal Revenue Service (IRS) Form 1040 for Profit and Loss from Business
Partnerships who file US IRS Form 1065
Corporations who file US IRS Form 1120
S Corporations who file US IRS Form 1120S
From these, we will be using the example of individuals who file Form 1040. This form will typically be used by self-employed persons as well as sole proprietors of businesses. Within this Form 1040, the specific section that we will cover in more detail is Schedule C. Schedule C covers the income of the business for the tax year and deductible expenses as well as the resulting net profit or loss of the business.
At present, only US business types are supported in GnuCash. For other countries, you can export the numbers to a spreadsheet and aggregate the numbers to match the tax categories and line items...
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