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Internal Revenue Service IRS Tax Form 2005 1040 SCHEDULES C Instructions For Profit or Loss From Business (Sole Proprietorship)

Click here to obtain the Internal Revenue Service IRS Tax Form 2005 1040 SCHEDULES C Instructions from the Assistance Center

These are the instructions for 2005 1040 SCHEDULE C Profit or Loss From Business (Sole Proprietorship).

Use Schedule C (Form 2005 1040) to report income or loss from a business you operated or a profession you practiced as a sole proprietor. Also, use Schedule C to report wages and expenses you had as a statutory employee. An activity qualifies as a business if your primary purpose for engaging in the activity is for income or profit and you are involved in the activity with continuity and regularity. For example, a sporadic activity or a hobby does not qualify as a business. To report income from a nonbusiness activity, see the instructions for Form 2005 1040, line 21.

Small businesses and statutory employees with expenses of $5,000 or less may be able to file Schedule C-EZ instead of Schedule C. See Schedule C-EZ for details.

You may be subject to state and local taxes and other requirements such as businesslicenses and fees. Check with your state and local governments for more information.

Click here to obtain the Internal Revenue Service IRS Tax Form 2005 1040 SCHEDULES C Instructions from the Assistance Center

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