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2015 schedule c Form: What You Should Know
Schedule C and other small business taxes. Schedule C You must file Form 1040, Schedule C to establish your taxable income from a business or profession. For details, see the next two parts of this tutorial. Schedule C must be filed if you have gross income for the tax year including income as a self-employed individual. If you are a person who is either an owner, partner, director, officer, director or beneficiary of a C corporation, the company must file a form 1065 to establish your business income. For more information about how to prepare and file Schedule C, see the IRS website, Reporting Profit or Loss from a Business or Profession The profit or loss from a business or profession should be reported on Form 4852, Profit or Loss from Business, Professional, or Occupational Activity. If you have self-employment tax problems, see Report Self-Employment Taxes. Reporting business income See Schedule C for more details. In the instructions, Form 1040, Profit or Loss from Business, Professional, or Occupational Activity, or any similar form to use, will list the income for which a business or profession must have paid tax. To determine your business income, see Publication 519, Sales and Use Tax (Including Energy), on its way to you from your local Department of Revenue office. You must report all taxable income from your business or profession, whether you own or operate the business. The rules on how to figure gross compensation are the same as the rules for Schedule C, Part I. You must deduct your own business expenses on Schedule C to figure your gross income before subtracting any business deductions. If you have business expenses under the table, you must carry them to your Schedule C. But you may not deduct them for any other business (as the owner, partner, director, or officer of the business). For this reason, you must carry the expenses you report to your Schedule C. If there are deductions or credits that you can keep on Schedule C, and they affect your business activities, you must file Schedule C as if it were Schedule C-EZ.
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