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

Add Other Business Activities in Part G · 5. Add Other Business Income in Part A (from Schedule C(x) Other business income. You may also want to contact your city clerk to get the proper copies of the necessary state and local taxes. You can also file your tax return online using EFT-EZ (for those in CA and other states). In some states, you must use EFT-EZ to file, so try to get the information in advance. Your business must conduct at least one of the following: The activity must be “wholly or partly for your own account” for income tax purposes. There must be at least 1,000 of such profit. Examples: You sell 500 of widgets, but you keep 1,000. This income is for your own account. You purchase 1,000 worth of inventory. The inventory is your “total business assets sold.” No other business may make more than the 1,000 gross amount. You will likely have to hire an accountant or prepare your own tax return (at your own expense) after this year completes. Your business has no employees. If these conditions are not met, you must file separately (at the appropriate federal and local tax rate).

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