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Easily Report Business Income & Maximize Deductions with TaxAct 2015

Easily Report Business Income & Maximize Deductions with TaxAct 2015 - TaxAct Blog

Did you earn income in 2015 as an independent contractor, from a side job or from a business that you own?

Even if the amount is small, the IRS considers you a sole proprietor and requires you to itemize your operational income and expenses on either IRS Schedule C-EZ, Net Profit from Business, or Schedule C, Profit or Loss from Business.

Whether you need the full or streamlined version of Schedule C boils down to the amount of your earnings and expenses in 2015.

If your situation for 2015 meets all of the criteria below, you likely need to file Schedule C-EZ in TaxAct Plus. If not, you likely need the full Schedule C in TaxAct Premium. Not sure? Start with TaxAct Plus and we’ll let you know if your situation requires the full Schedule C in TaxAct Premium.

You likely need Schedule C-EZ in TaxAct Plus if

  • You have a profit from your business in 2015 and:
  • Your expenses are not greater than $5,000 and
  • You have no employees and
  • You have no inventory and
  • You are not using depreciation or deducting the cost of your home.

Both TaxAct Plus and Premium include all the tools and guidance you need to file with confidence, including:

  • Imports for last year’s TaxAct return and this year’s W-2s, Schedule K-1s, stocks & donations
  • Unlimited tax and technical help
  • Simple guidance through hundreds of deductions and credits for your guaranteed maximum refund
  • Capital gains, depreciation, joint vs. separate filing status and prior year comparison reports
  • Accuracy, Price Lock & Satisfaction Guarantees
  • Affordable state returns

TaxAct is ready to help you easily and affordably file your Form 1040 with Schedule C-EZ or Schedule C!

Want download versions of TaxAct Plus or Premium? Order & download here.