Individual and Business Tax Preparation - Tax Wise Strategies - Bookkeeping - Quickbooks Training.
Tuesday, July 26, 2016
When Should You Use Schedule C ?
Use Schedule C (Form 1040) to report income and deductions resulting from your trade or business. Also use Schedule C to report:
Wages and expenses you had as a statutory employee
Income and deductions of certain qualified joint ventures
Certain income shown on Form 1099-MISC
Generally, a single-member domestic LLC is not treated as a separate entity for federal income tax purposes. If you are the sole member of a domestic LLC, file Schedule C or C-EZ (or Schedule E or F, if applicable) unless you have elected to treat the domestic LLC as a corporation.
If you are a self-employed, single member LLC treated as a sole proprietor, qualified joint venture, statutory employee or sole proprietor taxpayer, you should file Schedule C.
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