Westchester tax preparers at Herman & Company CPA’s have all the answers to your personal finance questions!
Your business may be eligible to use the abbreviated Schedule C-EZ instead of the longer Schedule C when reporting business profit and loss on your federal income tax return, according to the IRS. That’s because the deductible business expense threshold for filing Schedule C-EZ of the Form 1040 is $5,000. This change allows an additional 500,000 small businesses to file the C-EZ rather than Schedule C.
Schedule C-EZ, Net Profit from Business (Sole Proprietorship), is the simplified version of Schedule C, Profit or Loss from Business (Sole Proprietorship).
Schedule C-EZ consists of an instruction page and a one-page form with three short parts — General Information, Figure Your Net Profit, and Information on Your Vehicle. The instruction page includes a worksheet for figuring the amount of deductible expenses. If that amount does not exceed $5,000, you should be able to use the C-EZ instead of Schedule C. Contact us at our Westchester accounting firm for more information!
We can help you with:
Westchester tax preparers at Herman & Company can help you with:
- 2013 Financial Planning for your Westchester-based business
- Retirement planning, business valuation and bookkeeping for your small or medium-sized firm
- Proudly serving all the towns of Westchester County, including Scarsdale NY, Purchase NY, Mt. Kisco NY, Mamaroneck NY, and beyond.