Can I use Schedule C-EZ?

Article ID: 59430  

Question
Can I use Schedule C-EZ?

Answer

For tax years begining with 2019:

Schedule C-EZ (Form 1040) have been made obsolete for tax year 2019 and future years.

For tax years 2018 and prior:

You May Use Schedule C-EZ Instead of Schedule C Only If You:

  • Had business expenses of $5,000 or less.
  • Use the cash method of accounting.
  • Did not have an inventory at any time during the year.
  • Did not have a net loss from your business.
  • Had only one business as a sole proprietor

And You: 

  • Had no employees during the year.
  • Are not required to file Form 4562, Depreciation and Amortization, for this business.
  • Do not deduct expenses for business use of your home.
  • Do not have prior year unallowed passive activity losses from this business.

Article Details
Views: 2309 Created on: Jun 15, 2013