What is the Schedule C-EZ
Jun 30, 2011 Bookkeeping, Business Expenses, Cash Management, Self Employment Tax, Tax Management, Taxable Income
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1040 Schedule C-EZ calculates your net profit.
In order to understand what the Schedule C-EZ is, you need to understand the format of the related IRS Form 1040 Schedule C. Are you self-employed or a sole proprietor of a small business? When you file your income tax return, you use the longer Schedule C to report your business income or loss on your personal (rather than corporate) income tax return. Your net business profits, calculated on either schedule, are summarized on the top page of your IRS 1040, US Individual Income Tax Return. You can also use either Schedule C to report wages or expenses you accumulate during a tax year if you are a statutory employee, are involved in qualified joint ventures, or have income that is reported on an IRS Form 1099-MISC, Miscellaneous Income. You need to complete either Schedule C in order to calculate self-employment tax.
Summer Vacation Ideas? Visit the IRS…
Aug 18, 2010 Tax Management
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There are few summer vacation locations that are open 24 hours a day, 7 days a week, and have free admission. Looking for that special place to spend an hour or two and maybe save money? Does your computer have a cable connection, ADSL, or dialup? Consider bringing the entire family together with a bag of potato chips and a six-pack of Diet Coke and visit IRS.gov this summer. This G-rated website, offering entertainment and useful information, will significantly impact your life, your spouse’s life, and the lives of your children and beneficiaries… and you don’t need IMAX or special 3D glasses! Admittedly, the graphics are a bit low-key but all the topics are age-appropriate and can be view without fear of political incorrectness. For example:
