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Printable Form 1040 (Schedule C-EZ) Sioux Falls South Dakota: What You Should Know

A business may be a C corporation, an S corporation, a sole proprietorship, or an unincorporated association. • Report the business' distributive share of the business profit by using Schedule C-EZ to figure the taxable income of the business for federal income tax purposes. • To figure the amount of your business profits, the rules for gross income, net income, depreciation, etc., will have to apply. The actual gross profits of a business can be reported on Schedule C, and actual net income and expenses should be computed using Schedule C-EZ, since the business profits will count as corporate income tax for which the business must file an individual tax return. • There are a number of special rules that may have to be applied to the amount of income and deductions that a taxpayer should show. Business Schedule C-EZ: The Tax Guide For All Americans If your business is a corporation, and you want to file Form 1040, Schedule C, the corporation should file it using this schedule. Income Limitations on S Corp Income Schedule C-EZ: The Tax Guide for All Americans If your business is a sole proprietorship, your business must file Schedule C-EZ as a sole proprietorship. There are a number of tax advantages for being a sole proprietorship that apply to the sole proprietorship including a 1099 Schedule C-EZ. • Don't file Schedule C-EZ if you have any income other than income from your business — you'll have to file Schedule B on line 4a. • Form 1097 will have to be used instead of Schedule E to report your income. • You can choose to have your Schedule C-EZ only filed annually so that filing the same Schedule C-EZ the year after the last year your business was a sole proprietorship won't result in any double-counting of your personal income taxes. • If you have more than 1 million in net income, or you have been out of business for more than three years, you should probably file individual tax returns rather than Schedule C. Your sole proprietorship tax return should be filed at tax-time, not at the end of the year. • Schedule B and Schedule E can each be filed on a calendar-year basis, but only if the taxpayer filed Schedule C on a calendar year basis.

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