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

Schedule D, Employment Tax Returns for Firms with 10 or More Employees (Form 1040) is used to report income and gain from your work as a sole proprietor, a partnership, a corporation or other tax-exempt association. If you operate a business as sole proprietor, your Schedule C and Schedule E must be identical to the one you file on Form 1040 as a sole proprietor. You may want to keep one of your copies for each owner of each separate business entity, even if you list each of them as your employee on Form 1040. Each Form 1040 you file must be completed on the basis of your own information, and not on information which you might get from a third party. This includes the date you paid your last federal income tax. If you pay more tax than the tax required by the IRS for the taxable year, you must adjust your return for the additional tax in the next most recent return you file. Therefore, you must include the refund of any overpayment. You may request an IRS calculation to assist you in computing the required tax when you file Form 709 for the taxable year. However, you must complete Schedule EZ in the same manner as Schedule C. If you operate many businesses, your Schedule C may need additional detail, because in several cases each employee will have his or her own Schedule C and C. If you operate the same number of businesses as your employees, you can easily enter your business income and expenses using a Worksheet on Schedule C. Worksheets can be found at IRS.gov, at the following addresses: Actual Tax — Form 1040, Form 1040A, Form 1040EZ, Schedule C Form 1040 (Schedule C), Statement of Income or Loss for Business Establishments (Form 1040-C), Form 1040-C, Statement of Loss from Taxable Partnership (Form 1040-P). Tax Tips For Professionals Covered by Schedule C (Form 1040): See Publication 536, Business Expenses, for the proper method for recording your profession as a business. The tax laws and form allowances for your profession and other professionals are different from those for sole proprietors. This is necessary because tax laws do not require you to use Form 1040, Schedule C, Income Tax Return to record your profession.

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