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Concord California Form 1040 (Schedule C): What You Should Know
You should have 1040 or 1040A (for LCS) or Schedule C (for corporations) if yours qualifies. The Form 1040 line 3 is where you report the income your business made from sources within the country. If your business did not do a good job of reporting the income, check out the tips in the following sections: Your business was an S corporation. If it was, check section (c) of Form 3, Schedule C, to see how much of your business (if any) was excluded under section 871(a)(1) and Schedule C-EZ. Your business was taxed as a partnership instead of as an S corporation. There seems to be conflicting advice about whether you need to check Form 3, Schedule C, or Schedule C-EZ. For more information of what to report on Schedule C, please see: “Form 1040, Income Tax Return.” If you have any tax questions, consult a tax professional. If you are reporting a loss on Schedule C, enter the total loss on Schedule C-EZ. If you are reporting a loss on Schedule C-EZ, you will need to show the amounts on Schedule C-EZ. The IRS has a handy chart showing the reporting rules and instructions for this tax. The following is a table for the income tax that you will owe.
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