Federal Net Profit from Business (Sole Proprietorship)
Extracted from PDF file 2019-federal-1040-schedule-c-ez.pdf, last modified October 2018
Net Profit from Business (Sole Proprietorship)Net Profit From Business SCHEDULE C-EZ (Form 1040) ▶ Attachment Sequence No. 09A Social security number (SSN) General Information ▶ You may use Schedule C-EZ instead of Schedule C only if you: ▶ • Had business expenses of $5,000 or less, • Had no employees during the year, • Do not deduct expenses for business use of your home, • Use the cash method of accounting, • Did not have an inventory at any time during the year, • Do not have prior year unallowed passive activity losses from this business, and • Are not required to file Form 4562, Depreciation and Amortization, for this business. See the instructions for Schedule C, line 13, to find out if you must file. And you: • Did not have a net loss from your business, • Had only one business as either a sole proprietor, qualified joint venture, or statutory employee, A 2018 (Sole Proprietorship) Partnerships, joint ventures, etc., generally must file Form 1065. Attach to Form 1040, 1040NR, or 1041. ▶ See instructions on page 2. ▶ Department of the Treasury Internal Revenue Service (99) Name of proprietor Part I OMB No. 1545-0074 B Enter business code (see page 2) Principal business or profession, including product or service ▶ D Enter your EIN (see page 2) C Business name. If no separate business name, leave blank. E Business address (including suite or room no.). Address not required if same as on page 1 of your tax return. City, town or post office, state, and ZIP code Did you make any payments in 2018 that would require you to file Form(s) 1099? (see the Instructions for Schedule C) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F G If “Yes,” did you or will you file required Forms 1099? . Part II . . . . . . . . . . . . . . . Yes Yes . Figure Your Net Profit Gross receipts. Caution: If this income was reported to you on Form W-2 and the “Statutory employee” box on that form was checked, see Statutory employees in the instructions for Schedule C, line 1, and check here . . . . . . . . . . . . . . . . . . ▶ 1 2 Total expenses (see page 2). If more than $5,000, you must use Schedule C . 2 3 Net profit. Subtract line 2 from line 1. If less than zero, you must use Schedule C. Enter on both Schedule 1 (Form 1040), line 12, and Schedule SE, line 2, or on Form 1040NR, line 13, and Schedule SE, line 2 (see page 2). (Statutory employees do not report this amount on Schedule SE, line 2.) Estates and trusts, enter on Form 1041, line 3. . . . . . . . . . . . . . . 3 1 Part III . . . . . . Information on Your Vehicle. Complete this part only if you are claiming car or truck expenses on line 2. 4 When did you place your vehicle in service for business purposes? (month, day, year) 5 Of the total number of miles you drove your vehicle during 2018, enter the number of miles you used your vehicle for: a No No Business . ▶ b Commuting (see page 2) c Other 6 Was your vehicle available for personal use during off-duty hours? . . . . . . . . . . . . Yes No 7 Do you (or your spouse) have another vehicle available for personal use? . . . . . . . . . . . Yes No 8a Do you have evidence to support your deduction? . . . . . . . . Yes No . . . . . . . . Yes No b If “Yes,” is the evidence written? . . . . . . . . . . . . . . . . . . . . . . . . . . . For Paperwork Reduction Act Notice, see the separate instructions for Schedule C (Form 1040). Cat. No. 14374D Schedule C-EZ (Form 1040) 2018 Page 2 Schedule C-EZ (Form 1040) 2018 Instructions Line E Future developments. For the latest information about developments related to Schedule C-EZ (Form 1040) and its instructions, such as legislation enacted after they were published, go to www.irs.gov/ScheduleCEZ. Enter your business address. Show a street address instead of a box number. Include the suite or room number, if any. ! ▲ CAUTION Line F See the instructions for Schedule C, line I, to help determine if you are required to file any Forms 1099. Before you begin, see General Instructions in the 2018 Instructions for Schedule C. Line 1 You can use Schedule C-EZ instead of Schedule C if: • You operated a business or practiced a profession as a sole proprietorship or qualified joint venture, or you were a statutory employee, and • You have met all the requirements listed in Schedule C-EZ, Part I. For more information on electing to be taxed as a qualified joint venture (including the possible social security benefits of this election), see Qualified Joint Venture in the Instructions for Schedule C. You can also go to www.irs.gov/QJV. Enter gross receipts from your trade or business. Include amounts you received in your trade or business that were properly shown on Form 1099-MISC. If the total amounts that were reported in box 7 of Forms 1099-MISC are more than the total you are reporting on line 1, attach a statement explaining the difference. You must show all items of taxable income actually or constructively received during the year (in cash, property, or services). Income is constructively received when it is credited to your account or set aside for you to use. Don’t offset this amount by any losses. Line A Line 2 Describe the business or professional activity that provided your principal source of income reported on line 1. Give the general field or activity and the type of product or service. Enter the total amount of all deductible business expenses you actually paid during the year. Examples of these expenses include advertising, car and truck expenses, commissions and fees, insurance, interest, legal and professional services, office expenses, rent or lease expenses, repairs and maintenance, supplies, taxes, travel, the allowable percentage of business meals and entertainment, and utilities (including telephone). For details, see the instructions for Schedule C, Parts II and V. You can use the optional worksheet below to record your expenses. Enter on lines b through f the type and amount of expenses not included on line a. If you claim car or truck expenses, be sure to complete Schedule C-EZ, Part III. Line B Enter the six-digit code that identifies your principal business or professional activity. See the Instructions for Schedule C for the list of codes. Line D Enter on line D the employer identification number (EIN) that was issued to you and in your name as a sole proprietor. If you are filing Form 1041, enter the EIN issued to the estate or trust. Do not enter your SSN. Do not enter another taxpayer’s EIN (for example, from any Forms 1099-MISC that you received). If you do not have an EIN, leave line D blank. You need an EIN only if you have a qualified retirement plan or are required to file an employment, excise, alcohol, tobacco, or firearms tax return, are a payer of gambling winnings, or are filing Form 1041 for an estate or trust. If you need an EIN, see the Instructions for Form SS-4. Single-member LLCs. If you are the sole owner of an LLC that is not treated as a separate entity for federal income tax purposes, enter on line D the EIN that was issued to the LLC (in the LLC’s legal name) for a qualified retirement plan, to file employment, excise, alcohol, tobacco, or firearms returns, or as a payer of gambling winnings. If you do not have such an EIN, leave line D blank. Line 3 Nonresident aliens using Form 1040NR should also enter the total on Schedule SE, line 2, if you are covered under the U.S. social security system due to an international social security agreement currently in effect. See the Instructions for Schedule SE for information on international social security agreements. Line 5b Generally, commuting is travel between your home and a work location. If you converted your vehicle during the year from personal to business use (or vice versa), enter your commuting miles only for the period you drove your vehicle for business. For information on certain travel that is considered a business expense rather than commuting, see the instructions for Schedule C, line 44b. Optional Worksheet for Line 2 (keep a copy for your records) a Deductible meals (see the instructions for Schedule C, line 24b) . . . . . . . . . . . . . a b b c c d d e e f f g Total. Add lines a through f. Enter here and on line 2 . . . . . . . . . . . . . . . . g Schedule C-EZ (Form 1040) 2018
2018 Schedule C-EZ (Form 1040)
More about the Federal 1040 (Schedule C-EZ) Individual Income Tax
Individuals who are self-employed or own a business operating as a sole proprietorship that has business expenses of $5,000 or less can file the simpler Schedule C-EZ to report their business income and expenses. If your business has more than $5,000 in business expenses, you must file Schedule C instead. Only available up to 2018.
We last updated the Net Profit from Business (Sole Proprietorship) in March 2020, and the latest form we have available is for tax year 2019. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Federal Internal Revenue Service. You can print other Federal tax forms here.
Related Federal Individual Income Tax Forms:
|Form Code||Form Name|
|1040 (Schedule B)||Interest and Ordinary Dividends|
|1040 (Schedule A)||Itemized Deductions|
|1040 (Schedule R)||Credit for the Elderly or the Disabled|
|1040 (Schedule C)||Profit or Loss from Business (Sole Proprietorship)|
|1040 (Schedule E)||Supplemental Income and Loss|
|1040 (Schedule SE)||Self-Employment Tax|
|1040 (Schedule EIC)||Earned Income Tax Credit|
|1040 (Schedule 8812)||Child Tax Credit|
|1040 (Schedule D)||Capital Gains and Losses|
|1040 (Schedule F)||Profit or Loss From Farming|
The Internal Revenue Service usually releases income tax forms for the current tax year between October and January, although changes to some forms can come even later. We last updated Federal 1040 (Schedule C-EZ) from the Internal Revenue Service in March 2020.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Federal 1040 (Schedule C-EZ)
We have a total of nine past-year versions of 1040 (Schedule C-EZ) in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2018 Schedule C-EZ (Form 1040)
2018 Schedule C-EZ (Form 1040)
2017 Form 1040 (Schedule C-EZ)
2016 Form 1040 (Schedule C-EZ)
2015 Form 1040 (Schedule C-EZ)
2014 Form 1040 (Schedule C-EZ)
2013 Form 1040 (Schedule C-EZ)
2012 Form 1040 (Schedule C-EZ)
2011 Form 1040 (Schedule C-EZ)
While we do our best to keep our list of Federal Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.