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Schedule C (Form 1040), Profit or Loss From
Business, is the form upon which a taxpayer reports the income and
expenses of a business or profession operated as a sole
proprietorship. Schedule C is attached to the taxpayer's Form
1040, U.S. Individual Income Tax Return. The business can range
from a multimillion dollar retail clothing store to a few grass-cutting
jobs done by a teenager in the summer. If a taxpayer has several
businesses during the year, a separate Schedule C is needed for
each. Similarly, a husband and wife, each of whom is in business,
file separate Schedules C, even though they may jointly file Form
1040. A husband and wife in business together do not file Schedule
C. Instead, they should file Form 1065, U.S. Partnership Return of
Income. If you use part of your home for your trade or business
and can deduct the expenses on Schedule C (Form 1040) you must figure
your deduction on Form 8829, Expenses for Business Use of Your Home, and
attach it to Schedule C. This form gets attached as a schedule to
your 1040 tax form which is filed at the end of the year. Form
1040 is due, for the calendar year, by April 15th of the next
year. If you use a fiscal year, your return is due by the 15th day
of the 4th month after the close of your fiscal year. |
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