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Victorville California online Form 1040 (Schedule C-EZ): What You Should Know
Income for 2016. Form 1040 (Schedule C-EZ) Check to make sure the form is correct; check to make sure you've included your net profit from the business. Review the instructions to make sure they are clear and complete. If the form isn't clear or if you have any questions about Schedule C-EZ, send it to us, and we can help you get it right. Information on Your Income for 2016 This form is for reporting your income from all sources (business, professional, and hobby) for the calendar year 2016. Make this change on or before December 31 (December 31st) of each year for 2016. General • Include the following amounts on Schedule C-EZ: • Wages and other compensation of your employees for performance or services rendered during the calendar year. • Bonus or other remuneration paid to your employees and amounts allocated to these employees under Section 402(f). • Earnings from self-employment in your business, including, but not limited to, commissions, tips, dividends, and other remuneration. Include the amounts you earned in the year in box 1a. • Business income from passive sources (for example, investments, rental interests. . .) in the amount of your investment in the passive property (ex. stocks, mutual funds…). See Schedule 10.24.2 for specific questions about capital gains earned in the capital gain method. • Interest income and other income from property. Include the amounts you earned in box 3 on the line labeled “other income” and the amounts you deducted in box 21 on the line labeled “Personal expenses.” Keep boxes 1a and 4 on Schedule C-EZ. Figure Your Net Profit If your income from passive sources was in excess of your income from other sources, you may have a net profit. To figure this profit, first take the difference between the amount of your net profit from capital gains that you reported in box 3 on Schedule C-EZ for the last three financial years and the amount of your adjusted gross income (AGI) for those years (that is, add the 5,000 for the 2024 tax year to the 8,080 you included in box 3. For 2024 and 8,080 for 2015). If this difference is higher than 2,500, enter this amount on line 9b.
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