Schedule C-EZ (Form 1040) is used instead of Schedule C by qualifying small businesses and statutory employees with expenses of $5,000 or less. You can use this schedule if you operated a business or practiced a profession as a sole proprietorship or qualified joint venture, or you were a statutory employee and you have met all the requirements listed in Schedule C-EZ, Part I.
SCHEDULE C-EZ (Form 1040) Department of the Treasury Internal Revenue Service (99) Net Profit From Business (Sole Proprietorship) Partnerships, joint ventures, etc., generally must file Form 1065.
Free printable IRS 2018 Schedule C-EZ Form and 2018 Schedule C-EZ Instructions booklet PDF file with supporting IRS Form 1040 schedules and forms for the current and prior income tax years 2017 and 2016.
How does Schedule C-EZ differ from Schedule C? Schedule C-EZ, Net Profit from Business is a simplified version of Schedule C that can be used if the taxpayer had only one business ( sole proprietorship , qualified joint venture, or statutory employee) and the business meets all of the following conditions:
Form 1040 (Schedule 1) Additional Income and Adjustments to Income Instructions for Form 1040, U.S. Individual Income Tax Return Form 1040 (Schedule C) Profit or Loss from Business (Sole Proprietorship)
Form 1040 (Schedule C-EZ) Net Profit from Business (Sole Proprietorship) Form 1040 (Schedule F) Profit or Loss From Farming Instructions for Schedule F (Form 1040), Profit or Loss From Farming
Product Number Title Revision Date; Form 1040 (Schedule C-EZ) Net Profit from Business (Sole Proprietorship) 2018 Form 1040 (Schedule C-EZ)
Schedule C - Profit or Loss from Business is part of the individual income tax return IRS Form 1040. It shows the income of a business for the tax year, as well as deductible expenses. The resulting net profit or loss of the business, found on line 31, is then reported (beginning with 2018 taxes) on Schedule 1 (line 12) of Form 1040.
Small businesses that file Schedule C-EZ for their business taxes must also pay self-employment taxes (Social Security and Medicare tax) on the profit of those businesses. You will need to complete Schedule SE to calculate your self-employment tax and add that to your income tax on your personal tax return.
Using Schedule C-EZ instead. Many sole proprietors are able to use a simpler version called Schedule C-EZ. This form omits a lot of the detail in the full Schedule C and just asks for your total business receipts and expenses. However, you still need to complete a separate section if you claim expenses for a vehicle.