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Daly City California online Form Instructions 1040 (Schedule C): What You Should Know

B. In box B, add the code (found in the IRS instructions) “DBA.” C. In box C, enter the business name you would like to use for the business. If no letter follows, use the full business name. D. In box F, enter the name and number of any officers, directors(s), or shareholders. E. In box G, insert the address of your company/partnership business and the street and number of any premises where the business is engaged.  F. In box H, insert a short sentence describing any important events, such as the opening of a store, or the opening or closing of the business, or the transfer of assets to or from the business in the last 12 months. Also insert a short summary paragraph if the event is not significant. Write this paragraph in the event you file Form 1040X. A Form 1040X is not filed with a short, one-line description about the type of business you are doing.   G. In box K, insert the gross profit for the last three full calendar months. Include the income from the following sources: your gross receipts from services; (or), from your gross receipts of rental and other tangible personal property of any kind from the public; (or), if you do not earn any gross receipts from your activities, from business. If your gross profits are over 300 for any three-month period, complete boxes I and J if you earned over 200 in gross profits during the first three months of the calendar year. If you earned over 200 in gross profits during the first three months and if your income was from rental property (e.g., real estate) during the last 3 months of the preceding calendar year, you will be taxed on only the income from rental properties. If you made a net profit of less than 300 during any three-month period, you will be taxed on the gross income of any rents you received during the year. For tax year 2023 the gross receipts were 10,000 and the gross profit to be taxed is 11,000. You earned income in gross from personal services by acting as an employee. H. In box L, insert or copy the IRS code “K1.” If the gross receipts of a C corporation or partnership are less than 800 for the past 3 months, enter the gross income to be taxed in box A.

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