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Beaumont Texas Form 1040 (Schedule C): What You Should Know

For the last year ending on December 31, 2013, taxpayers have the option of filing a Schedule C-EZ report if they itemize deductions on Schedule A (Form 1040). However, taxpayers who take a Schedule C-EZ deduction on Schedule A (Form 1040) are entitled to a refund for the expenses. (Schedule C-EZ may be used only when filing your federal income tax return.) The following information is relevant to businesses: Schedule B will have Schedule C-EZ (Schedule 8812) for businesses to which it applies. Use Schedule C-EZ for your Schedule B business income and expenses. Include Schedule B business income and expenses in Schedule C-EZ. Other Taxes For Businesses In general, taxes for individuals do not apply to business income except for tax paid by corporations. Individuals may be entitled, in limited circumstances where a business pays tax through the individual share method, to a credit for business income. The business must meet certain criteria for a tax credit, including that the business owner (or owner's spouse) must either own or be related to a qualified corporation. Income, profit, and loss that are capitalized on Schedule B do not trigger capital gains tax when paid to the proprietor. If you paid tax on Schedule B income in the year ended December 31, 2013, you may be entitled, in limited circumstances, to a tax credit. See the chart in the Schedule B Instructions to see if the business owner (or owner's spouse) is subject to the tax credit. For more information on capital gains and whether the business owner qualifies for a tax credit, see Capital Gains and Losses on Schedule B of Form 1040 and Tax Credits on Schedule B of Form 1040. Related entities or owners will be able to claim their share of tax credits based on whether they are related (within the meaning of the Internal Revenue Code). The IRS may make a determination that a particular tax credit is to be claimed on a claim for a tax credit on Schedule F (Schedule K-1) (Form 1040) or Schedule A (Form 1040). If the IRS determines the claim to be frivolous (that is, without merit) it can decline the claim. Other Important Tax Information For Businesses The following chart sets forth the filing deadlines for business and Schedule B taxes in each state. You may also wish to check with your tax center to determine any filing deadlines in your state.

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