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What is a contra revenue account?

If your business makes $100,000 in gross sales, say, and has $5,000 in total contra revenues from returns, allowances, and discounts, your net sales would be reported as $95,000. When a product is sold with a rebate offer, the company estimates the number of rebates...

What is Schedule C, and who needs to file one?

You can deduct the actual expenses of operating your car or truck or take the standard mileage rate. This is true even if you used your vehicle for hire (such as a taxicab). You must use actual expenses if you used five or more vehicles simultaneously in your business...