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

Profit or loss from business. 2. Your business income or expenses. 3. Your net profit or loss. The following are some examples of Schedule Cs you might use and what you should include or exclude in your taxes. Example #1 — Profit from business 1. Businesses you operate: If you do more than one business, you report each entity separately, such as a  dairy farm or a grocery store. If you own more than one business, make a separate Schedule C. If your business  is your main or only income source, that's the business you report on page 7 (See table below). 2. Taxes/Estimates: Estimate any tax liability. 3. Business expenses: Include all business expenses.

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