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Wayne Michigan Form 1040 (Schedule C): What You Should Know
Enter the numbers 1-12 (10-6 if married filing separately). Enter the date that the tax year ends and the end of your tax year. 4 – 7 — Make sure you enter correct business entity/profession or sole proprietorship. 9 – 17— Enter an amount to reduce your federal tax. The amount is reduced based on your filing status in that year and other related income. 21 – 25 — Enter your Social Security. 24 – 29 — Enter your W-2 wages; add any adjustments in box 3. 30 – 32 — Enter up to 2,500 in additional deductions for business expenses (e.g. computer hardware and software, utilities, insurance, etc.). 33 – 41 — Enter up to 3,000 in business interest. 42 – 45 — Enter up to 3,000 in expenses for qualified business expenses (e.g. marketing, advertising, office expenses, etc.). 6 – 11 — Enter your state tax paid. 12 — 25‡ — Enter the amount paid to a state program for child care or education. 28 – 49— Enter the amount paid to a Social Security Administration for benefits paid to survivors, if applicable. 51 – 58— Enter the amount paid to a Federal Government program for retirement or disability benefits. 58‡‡— Enter the amount used for the deduction for self-employment taxes. 61 – 66— Enter up to 5,000 in business expenses for which you paid over 50,000 (or for which you paid over 50 percent). 67‡— Enter the amount used for the deduction for self-employment taxes for qualified business expenses. 69‡— Enter up to 5,000 in additional state income tax or local sales tax paid during the previous year. 70‡— Enter up to 8,000 in employee business expenses. 31 — 41‡— Enter up to 3,000 (or for a householder, 3,000) of federal income tax. 42 – 43— Enter up to 1,000 in self-employment taxes, up to the amount needed for the deduction of self-employment taxes. Enter amounts over 3,000 if you paid over 50,000.
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