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Friday, December 16, 2011

What is Schedule C-EZ and which Taxpayers are eligible to use this Form?

Per the IRS Tax Code, "the Schedule C-EZ, Net Profit from Business (Sole Proprietorship), is the simplified version of Schedule C, Profit or Loss from Business (Sole Proprietorship)."

Using Schedule C-EZ can save considerable time, reduce the paperwork burden associated with the Filing of the Long Schedule C Form and Professional Filing fees associated with Schedule C. But the IRS has strict rules regarding who can use this Short Schedule C-EZ!

Taxpayers may be eligible to use the abbreviated Schedule C-EZ instead of the longer Schedule C when reporting business income and expenses on your Form 1040 federal income tax return.

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