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Vista California online Form 1040 (Schedule C-EZ): What You Should Know
Use Schedule C (Form 1040) to report taxable income from a business you operated or a profession you practiced as a sole proprietor. 2 Form 1040 ā Form 1040A or 1040-A -I Go to for instructions and the latest information. If an amount is included on Schedule C (Form 1040) and was reported by a trust, partnership, S corporation, or LLC, then it is a reportable business income (seeĀ IRS Publication 4681 ), not a self-employment income (SUB), for purposes of determining eligibility for an exclusion from gross income under section 6012 (seeĀ Publication 590-B). If the amount is reported by a trust, partnership, S corporation, or LLC, and is included in gross income from something other than a bona fide trade or business, then it is SUB, not SUB, for purposes of section 6012 (seeĀ PublicationĀ 4691 for a discussion of the tax consequences for reporting SUB). For more information, seeĀ IRS Publication 526Ā ( Tax Guide for Small Businesses) and PublicationĀ 4681 (Self-Employment Income). For more information about these rules, goĀ here. If an amount is included on Schedule A (Form 1040) and was reported by a trust, partnership, S corporation, or LLC, then it is a reportable business interest (seeĀ PublicationĀ 3422 for details). If an amount is included on Schedule F (Form 1040) and was reported by a trust, partnership, S corporation, or LLC, then it is a reportable trade or business income (seeĀ PublicationĀ 6057 for details). If an amount is included on or after January 1, 2005, and before January 1, 2019, and it was included in gross income before January 1, 2024 ā including amounts included on a prior taxable year and amounts included in a gross income that was subject to self-employment tax at the time it was includedā then it is SUB, not SUBPART, for the tax year the income was included.
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