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  • Hello, I'm Jill from Turbo Tax with some important

  • information for self-employed taxpayers.

  • Preparing your tax return when reporting self- employment earnings

  • can be a little more complex than when your income is from employment.

  • This is because of the Schedule C form you must prepare when

  • your net profit is $400 or more.

  • However, if you are eligible to file the shorter Schedule C-EZ,

  • you may just save some time preparing your taxes.

  • Schedules C and C-EZ are used to report the income and expenses

  • that relate solely to your self-employment activities.

  • However, you must also report the net profit or loss

  • in the income section of your 1040 form.

  • But before evaluating whether you are eligible

  • to use the shorter Schedule C-EZ,

  • you need to insure that you are in fact self employed.

  • You are self-employed if you operate a business as a sole proprietor,

  • including a limited liability company you are the sole member of.

  • You are also self-employed if

  • you earn income as an independent contractor.

  • When preparing a Schedule C, you must report your business expenses

  • in the appropriate categories listed on the form,

  • such as advertising, and insurance

  • and rent expenses, to name just a few.

  • The Schedule C-EZ, however, is simpler to prepare

  • since it allows you to report business expenses on one line

  • instead of having to account for them by category.

  • But in order to use the Schedule C-EZ,

  • you must satisfy a number of requirements first.

  • If you fail to satisfy even oneyou must use the full Schedule C.

  • You can use Schedule C-EZ if your

  • total business expenses don't exceed $5,000,

  • you use the cash method of accounting,

  • your business or profession doesn't require inventory,

  • you aren't reporting a loss, you operate only one business,

  • you don't receive certain credit card payments,

  • the business has no employees,

  • you don't claim the home office deduction

  • and you satisfy the requirements of other less common situations

  • that relate to depreciation and losses from prior years.

  • One thing to remember is that you must make this evaluation each tax year

  • eligibility to use the Schedule C-EZ one year

  • doesn't mean you can use it in all future tax years.

  • Not sure which form to use? When you file with TurboTax,

  • you don't need to know a thing about tax forms.

  • We'll ask you simple questions and determine the filing status

  • and forms that will give you your biggest tax refund.

  • For more information about this and other tax topics, visit

Hello, I'm Jill from Turbo Tax with some important


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什麼是附表C-EZ企業損益表 - TurboTax稅務提示 (What is Schedule C-EZ Profit or Loss From a Business - TurboTax Tax Tips)

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    林宜悉 發佈於 2021 年 01 月 14 日