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

To file the Schedule C File the Schedule C when you have a reasonable basis for your income or loss. Use a Form 1040. For example, if your basis for expenses is five hundred dollars, and you incurred three hundred and twenty-eight dollars in expenses, then use Form 1040. You must fill in the Part I box as the “source” of income or the “source” of expenses. Then complete Part II as the “year of sale,” “amount of proceeds” (gross price), “amount of loss” (loss from the sale) and enter the amount in Part IV as “amount of gain from the sale.” The Schedule C is an information return. How Do I File the Schedule C Form? You submit your Schedule C directly to the Montana Department of Revenue. No other documents need to be filed. The deadline to file is the last day of the month following the tax year in which the loss or profits are reported, or, at your option, on the last day of the third month. Do I need to file Form 1040? Yes. The Form 1040 is an information return. It should be filed with copies of forms that show the amount of income or losses; the number and amount of shares of stock, bonds, notes, or other similar assets of the business; and any net income, if one is reported, to the extent it may be reported from your business. For more information on filing on Schedule C (Form 1040), go to, H&R Block. When Should I File a Schedule C? Do we have this form? Yes, the Montana Department of Revenue and the Montana Office of the State Tax Commissioner issue Schedules C of the Income Tax Return and any necessary supporting information. For more information, go here. Is there a penalty for failing to file your Schedule C? No, there is no penalty for filing Schedule C. Are my schedules important? Yes, your schedules can be important if your income, deductions, and tax liabilities are very large, or you need them to prove that you are operating your business as your own, or that you are exempt from certain income or sales tax deductions. Your Schedule C contains the specific details of these matters. Where did I file my Schedule C returns? You filed by mail if all the following requirements are met.

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