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Form 1040 (Schedule C-EZ) online Plano Texas: What You Should Know

You must file the annual Form 1040 as an Individual, Married Filing Jointly or Heads of Household. A Schedule C is also required for any self-employment or other business that generates income in excess of 500 in a taxable financial year (as adjusted for inflation). A Schedule C is for both employees and employers. Any business or professional activity that does not fall within any other provision of the law and is not otherwise deductible to the employee or self-employed person's gross income, is taxable income to the employer. Business expenses may include advertising, accounting, financial analysis, insurance, office equipment maintenance and repairs, insurance premiums, and travel expenses. For purposes of this Schedule C, a “business” does not include activities done as a hobby. “Business” includes “professional” employment activities, including the use of one's skills and talents in providing a service to others for compensation. The use of your business as the principal place of operation for a trade or business, in the case of a partnership or a business corporation, does not include the business use of a secondary place of operation for activities other than the principal place of operation. However, the use of your business as the principal place of operation for a trade or business does not exempt the place of business from income taxes under Section 83 or 84 of the Code. It is always appropriate to consult an experienced tax professional to determine if any particular activity falls within the definition of a business. There are tax benefits of filing if no expenses are incurred for one taxable year and no deductions are made for another. The IRS requires you to report any interest or dividends on Schedule C. There are penalties for any fraudulent or incomplete filing. Failure to file Schedule C may result in a substantial penalty or interest charges. Form 1040 (Schedule C) should be filed with the 1040EZ form of the business. Schedule C-EZ is used for a sole proprietorship for businesses and individuals. Schedule C (Form 1040) — Self-Employed — The IRS requires this Schedule when you are not being employed by someone else. Schedule C (Form 1040) Profit or loss from business using a house, residence, or building — Schedule C-EZ is required if you have more than one business use of your home that is a total of more than 500 in a year.

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