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Printable Form 1040 (Schedule C-EZ) Rockford Illinois: What You Should Know

Report your business profits, loss, or other income for your tax year. (2) Report as a business expense the following items in the appropriate column and place them on the appropriate line in the Form 1040: • Gross income from the business (Form 1040), except that, if you qualify for any provision of the Code other than the exclusion from gross income of net capital gain, you might be able to elect to exclude from gross income net capital gain. For more information on the exclusion from gross income of net capital gain, see paragraph (c) of tax instructions with respect to the Code, available through IRS.gov, or in Publication 951: Capital Gains Deduction.  (3) Include in income your net capital gain (the difference between your investment in the business at the beginning of the year and your adjusted basis at that time).  (4) Report business profits and other amounts on Schedule C-EZ by filling all blanks in the proper column, and filing the appropriate line(s) as a business expense, under Part II, Item 4, paragraph (1)(B), with your tax return. Do not include in income the amounts on Form 1040, 1040A, 1040EZ, or 1020, but you might be able to exclude them from gross income.  Note: Use the following table to see whether your gross income for the year should be reported on a Schedule C-EZ. If you are required to file a Schedule C-EZ, determine the amount of your net capital gain on Line 25 of the form. If you are not required to file a Schedule C-EZ, then calculate your gross income on Line 25.

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