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.
Eligible for the Elderly Tax Credit?
Feb 18, 2010 Tax Strategies, Taxable Income
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Are you 65 or older (or under 65 and disabled)? Are you a US citizen? Are you a Single filer with an adjusted gross income (AGI) less than $17,500? Is the nontaxable portion of your Social Security or other nontaxable pensions, annuities, or disability income under $5,000? You need to file Schedule R for a tax credit of $750! Read IRS Publication 524, Credit for the Elderly or Disabled or call 1-800-829-3676 and ask to have a copy mailed to you.
Don’t forget the IRS Helpline – 1-800-829-1040 or your nearest IRS Taxpayer Assistance Center.
Tags: 2009
