============================================================== TODAY'S TIP: REPORTING SELF-EMPLOYED INCOME ON SCHEDULE C We continue our discussion of reporting income for the sole proprietorship/self employment income on Schedule C or Schedule C-EZ. Report the income from your business in Part I of Schedule C and the expenses in Part II. If you make or buy goods to sell, use Part III to figure the cost of goods sold. The difference between total income and total expenses is your net profit or loss, which will be taken from Schedule C and entered on line 12 of your Form 1040. If you use part of your home in your business, you should complete Form 8829. For more information see IRS Publication 587, Business Use of Your Home, Including Use by Day-Care Providers. If the total of your net profit from all businesses is $400 or more, you must compute your self-employment tax on Schedule SE Form 1040. For more information, see IRS Publication 533, Self-Employment Tax. The forms and publications are available at the IRS Web site: http://www.irs.gov/
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