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California online Form Instructions 1040 (Schedule C): What You Should Know
Enter Profit or Loss — Enter 1.00 5. Enter Deductions — Enter zero Dec 22, 2024 – 6. Include a deduction on Schedule C Part Gross Income for your first year of tax residency. You can take a deduction equal to 12.50% of your total gross income (up to 37,000) from other business income (not including investment interests) and expenses.
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