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Victorville California online Form 1040 (Schedule C): What You Should Know

Schedule C is an important part of an individual's tax return, and it's helpful to know when to report what, said Richard Cederholm, director of H&R Block tax planning. Here are some tips to keep in mind for Schedule C reporting purposes: If the income exceeds your AGI, you may not file the Schedule C. But a business with both small and high-income taxpayers may get a schedule C that reflects only the high-income portion of its income. “The business will likely have an IRS Form 1120-EZ (Schedule C Adjusted Gross Income) prepared by your tax advisor,” said Cederholm. A Schedule C report must be filed by the last day of the third month following the close of the business year, said Cederholm. Businesses can postpone filing Schedule C until April 15 of the year after the period of business; then they can file the Schedule C-EZ after April 15 for the first quarter with a new balance. “If the business has been up and running for a number of quarters or years, a balance of the calendar year's income can come in June or July rather than January 30,” said Cederholm. If you have more than one business (or have a combination involving multiple businesses), make sure each of your businesses file one Schedule C report in your business name. Businesses may use Schedule C-EZ and Schedule EZ-S (for taxable year ended in February) to compute federal income without making the addition for sales or expenses to compute adjusted gross income. If a business fails to file the Schedule C of the income you report, the failure has an effect on you as well as your spouse and children. For example, your failure to file may increase your estimated tax for the year if you file Form 1040-X, U.S. Individual Income Tax Return. It's also an issue for states and local governments.

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