Internal Revenue Service United States Department of the Treasury
Level Basic Advanced Military International

Income — Business; Form 1040, Line 12

Introduction

Objectives

At the end of this lesson, using your resource materials, you will be able to determine:

  • How to report business income
  • When to complete Schedule C-EZ or C
  • What business expenses are within the scope for the VITA/TCE programs
  • How to complete Schedule C-EZ or C
  • How to identify "red flags" when preparing a Schedule C tax return with earned income credit (EIC)
  • What records to maintain

Estimated time to complete: 50 minutes