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Boston Massachusetts Form 1040 (Schedule C-EZ): What You Should Know
Form 1040. Line 21 — Taxable business income (for Schedule D) This item includes the net profit from your business for the year. If you had no income (Line 21 may be blank), then you may be eligible for the state tax credit of 20.40% off your tax liability. Line 23 — Taxable income (For Schedule O) This item reports all your income after you pay: social security and Medicare taxes; self insurance taxes; income taxes not reported elsewhere on your tax return; and. Income taxes on your property.
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