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Form Instructions 1040 (Schedule C) for South Bend Indiana: What You Should Know

LOSS) FROM A BUSINESS See if you are self-employed on Maine form 4473 In Maine, Schedule C (Form 1040) must be used with Maine form 4473 (Self-Employment Expense Return). Read information on all pages of the form. If you are self-employed and need to pay income taxes on a profit. Do these two things. Read Form 4473, Schedule C, Profit From Business or Profits, Loss from Business, or Other Information to calculate your actual tax liability. The only tax you have to pay is general income tax, and that is less than 10% of the total amount in the profit form. Use Schedule C Profit from business (Form 1040, line 21) or Schedule C-EZ loss from business (Form 1040, line 25) or Schedule C -Loss from business to report the income from your business. You will not have to include all expenses in your income, as those are deducted from your net profit. Also, Schedule C-EZ should generally include only the following expenses: Sales-Use Tax Use Form 1120S-EZ (Form 1040, Line 32) to report your sales-use tax. If the business has been in business less than 2 calendar years, complete Form 1120S-EZ, Schedule C Sales & Use Tax Return, and include Forms 6030, 6040H and 1120P-R.  Use Form 1040, Line 21, to report the gross income of your business. Other Income/Expenses If your business also received wages or salary. Use Schedule B: Business Income (Form 1040, Line 16), or Schedule B-EZ (Form 1040, Line 25), or Schedule B If the business has made no income other than interest. Use Schedule B-F (Form 1040, Line 15) to report any amount that represents money received from sources other than wages or business income in the year. If your business also received rental income from renting property or real estate. Use Schedule C-EZ (Form 1040, Line 24) or Schedule D-EZ (Form 1040, Line 29). Sales/Use Tax You cannot claim any tax exemption for sales, use, or fuel tax payments on Schedule C.

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