Business, Legal & Accounting Glossary
Profit or Loss from Business – Sole Proprietorship. This form is used for taxpayers who are independent contractors or sole owners of a business to report income or loss from their business activities. If they have earned $400 or more of business income over and above their expenses, then they will need to file a Schedule C or C-EZ Form, as well as a Schedule SE in order to pay self-employment tax, even if they would not otherwise have had enough income to file a tax return.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
Definitions for 1040 Form Schedule C are sourced/syndicated and enhanced from:
This glossary post was last updated: 13th November, 2021 | 0 Views.