Do you earn income in 2015 as an independent contractor for from a side job or a business you own?
Although the amount is small, the IRS considers you a sole proprietor and forces you to allocate your income and operating expenses of each IRS Schedule C-EZ, Net profit companies, or the Schedule C, Profit or loss from business.
Whether you need the full or simplified version of Schedule C comes down to the amount of your income and expenses in 2015.
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You probably need in Schedule C-EZ if TaxAct More
- You have a profit of your company in 2015 and
- your expenses are more than $ 5000 and
- you have no employees and
- you have no inventory and
- not using depreciation or the deduction of the cost of your home
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