Don't overlook these!
Updated for 2012
The purpose of Schedule C is to report business income and expenses of a sole proprietorship. Schedule C is filed annually. You attach Schedule C to Form 1040, U.S. Individual Income Tax Return
Schedule C is filed by:
If you own more than one sole proprietorship, a separate Schedule C must be filed for each individual business.
You don't need a separate employer identification (EIN) for each business as long as each business is a sole proprietorship and you don't have any employees in any of your businesses. You can use your social security number as your tax identification number.
So, if you own and operate Joe's Plumbing Service year-round and Joe's Pool Cleaning service during the summer, you can use your social security number on each Schedule C you file for each business.
After completing each Schedule C:
Only one Schedule SE is required to be filed, no matter how many Schedule Cs you prepare. So, in the above example, where three Schedule Cs were prepared, only one Schedule SE is required.
Copyright © 2008-2013 Larry Villano. All rights reserved.