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

Income — Business; Form 1040, Line 12

Summary and Exercises

Summary

Take a moment to review what you have covered in this lesson:

  • Business income or loss is generally beyond the scope of VITA or TCE. However, in some cases, you may help self-employed taxpayers who qualify to use Schedule C-EZ or limited Schedule C.
  • Where to get business income and expense information.
  • Who can use Schedule C-EZ.
  • Taxpayers with net self-employment income of $400 or more must complete Schedule SE to compute self-employment tax.
  • How to determine what records to maintain.