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.
Aug 18, 2010 Tax ManagementTweet
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:
Apr 9, 2010 Tax ManagementTweet
A recent list of last minute tips from the IRS includes the following -
- The world has changed. Avoid using paper tax forms. File electronically for free on IRS.gov using their Free File Fillable Forms or Traditional Free File.