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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Beginning with Tax Year 1992, certain smaller businesses could elect not to itemize depreciation and other business deductions by filing the Schedule C-EZ, Net Profit from Business, a simplified version of Schedule C, Profit or Loss from Business.
Another successful recommendation was to increase the filing threshold for Schedule C-EZ. As a result, this eased the filing burden for 500,000 small-business owners.
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.
For Tax Year 2012, approximately 4.7 million taxpayers filed nonfarm sole proprietorship returns (Schedule C-EZ), marking a 2.1-percent increase from the number filed for 2011 (Figure F).
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.
Additional forms that will be eligible for 1993 are Forms 1116, 4970, 4972, 8396, 8615, 8814, 8815 and 8828, and Schedule C-EZ.
Figure F presents the numbers and percentages of nonfarm sole proprietorship returns filed on Schedule C-EZ, by selected industrial sector.
Beginning this year, many sole proprietors will use a simplified schedule C-EZ.
Beginning with Tax Year 1992, certain smaller businesses could elect not to itemize depreciation and other business deductions by filing Schedule C-EZ, Net Profit From Business, a simplified version of Schedule C, Profit or Loss From Business.