C-EZ

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C-EZ

A short form for the Schedule C. It is used by business owners who report a profit, but have expenses under $5,000, no inventory, no business property to depreciate, no expenses for the business use of home, no carryovers from passive activity losses, and no employees. Additionally, it cannot be used to report a business loss. Schedule C-EZ is aimed at microbusiness owners, or those who have businesses to supplement their primary incomes.
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For Tax Year 2012, taxpayers could use Schedule C-EZ if they: had business expenses of $5,000 or less; used the cash accounting method; had no inventories; did not report a loss from the business; had only one business as a sole proprietor; had no employees; were not required to file Form 4562, Depreciation and Amortization, for the business; claimed no deduction for home business expenses; and had no prior-year disallowed passive activity losses from the business.
Another successful recommendation was to increase the filing threshold for Schedule C-EZ.
If the embezzled funds are from self-employment activity, schedule C or schedule C-EZ should be used and the amount is subject to self-employment taxes.
Additional forms that will be eligible for 1993 are Forms 1116, 4970, 4972, 8396, 8615, 8814, 8815 and 8828, and Schedule C-EZ.
The Schedule C-EZ has 15 lines compared to 44 on the regular Schedule C.
Sole proprietors can save time by completing a Schedule C-EZ, the short version of the Schedule C, which is the form sole proprietors need to complete when filing their tax forms.
An additional 400,000 small business owners can file schedule C-EZ, a simplified form, to report their profits, because the IRS removed the $25,000 gross receipts limitation and increased the business expenses limit to $2,500.
Schedule C-EZ -- for self-employed taxpayers who have gross business receipts of $25,000 or less and have $2,000 or less in business expenses.
Beginning this year, many sole proprietors will use a simplified schedule C-EZ.
Schedule C and Schedule C-EZ are the source of sole proprietorship statistics.
Figure F presents the numbers and percentages of nonfarm proprietorship returns filed on Schedule C-EZ by industrial sector.
1) Excludes amounts reported on Schedule C-EZ filed by certain small businesses not required to itemize their business deductions.