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

Check if you need to file a Schedule C-EZ, see  Schedule C-EZ (Form 1040) Schedule C (Form 1040) is Income from a Business.  Schedule C-EZ (Form 1040), Profit from Business (Sole Proprietorship), include income you earned as of the beginning of the year you file Schedule C (Form 1040).  If you are an employee, report the employee's share of your business' income by using Schedule A (Form 1040), Schedule SE (Form 1040), or Schedule SE-G (Form 1040).  Schedule C (Form 1040), Gross Income, shows the cash value of all taxable property and the expenses of doing business (including inventory and wages) in your personal account. If you do not have income from an individual retirement plan, the information for your Roth IRA may be added. If you do have income from an individual retirement plan, enter the amounts in box 1 (income) or in box 12 (other expenses).  You can use Schedule C to report the income that can be shown on Form 1040. If you are self-employed (including business owners) and you filed Schedule M (Form 1040), you can report your self-employment tax liability separately. See Self-Employed Businesses with a Self-Employment Tax Liability, later. If you are an owner of an S corporation, and you paid dividends to your shareholders and your total share of the income is more than your tax liability, you must pay the excess by using Schedule C-EZ (form 1040) instead of Schedule C. See the instructions for Schedule C-EZ (Form 1040). Schedule D (Form 1040) — Information for Individuals This schedule is not filed with Form 1040, it is an optional supplement to the return. For individuals required to use Form 1040, this is the form that you will report the tax on. Please refer to Form 1040 instructions to learn how to report this information. If your income for the year exceeds this limit, use this form to report the excess. See below for what the return form should look like before any income is reported. Form 1040-EZ Report your excess income on Form 1040-EZ by filing it in your own name without a partner, shareholder, or agent. No partner, shareholder, or agent.

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