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Printable Form 1040 (Schedule C) Rockford Illinois: What You Should Know

The IRS provides extensive guidance (as well as some interesting information) on these pages regarding business eligibility and reporting business profits and losses. Sole Proprietorship and Professions That May Be Eligible For Schedule C-EZ If you operate a sole proprietorship, an LLC, or an S corporation for a substantial portion of the year, you'll be able to use Schedule C (Form 1040) to report income from those businesses on your federal income tax return. However, since you will be an independent contractor, you will most commonly have to complete Form 1040, Sales and Use Tax Return. “A S corporation should file Schedule C (Form 1040) if it maintains capital of one million dollars or more and does not have more than one owner except for the owner who owns one-half of all capital stock.” S corporation owners report income from their corporations at the same rates that they would pay for the wages and salaries of a Schedule C employee. For those who are not an S corporation owner, but are operating as a sole proprietorship, a Schedule C (Form 1040) for sole proprietors is usually not appropriate. Those who are not sole proprietors can use Schedule C (Form 1040) as a sole proprietorship alternative when reporting business profit or loss on their federal income tax return. “It's appropriate, but it's generally not appropriate to use Schedule C for sole proprietorship.” You should not use this form for sole proprietorship that:  Have net profits over 1 million, Have more than 50 employees, or Have gross sales of less than 150,000 dollars during the tax year. When filing a Schedule C for sole proprietorship, the primary taxpayer is the sole proprietor at all times. The business should be treated as a sole proprietorship for a purpose for which the sole proprietor, S corporation, LLC, or partnership has qualified for the schedule because of the filing status. “The Form 1094 is required for the sole proprietorship alternative.”  Schedule C, Schedule EZ (Form 1040), or Schedule F, Schedule B (Form 1040) — Taxable Schedule C Profit or Loss: Sole Proprietorship (for sole proprietorship owners). This is important information that might not be obvious to both the sole proprietor and his or her business. Schedule C and Schedule EZ are not tax preparer services.

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