Instructions For Schedule C - Profit Or Loss From Business - 2017 Page 16
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18this purpose and for more information
quired to give us the information. We
The time needed to complete and file
about excess farm losses.
need it to ensure that you are complying
Schedule C-EZ (Form 1040) will vary
with these laws and to allow us to figure
depending on individual circumstances.
Film and television and live theatrical
and collect the right amount of tax.
The estimated burden for individual tax-
production expenses. You can elect to
payers filing this form is included in the
deduct costs of certain qualified film and
You are not required to provide the
estimates shown in the instructions for
television productions that commenced
information requested on a form that is
their individual income tax return. The
before 2017. For details, see chapter 7 of
subject to the Paperwork Reduction Act
estimated burden for all other taxpayers
Pub. 535.
unless the form displays a valid OMB
who file this form is approved under
control number. Books or records relat-
Forestation and reforestation costs.
OMB control number 1545-1973 and is
ing to a form or its instructions must be
Reforestation costs are generally capital
shown next.
retained as long as their contents may
expenditures. However, for each quali-
become material in the administration of
fied timber property, you can elect to ex-
Recordkeeping
45 min.
any Internal Revenue law. Generally,
. . . . . . . . . . .
pense up to $10,000 ($5,000 if married
Learning about the law or the
tax returns and return information are
filing separately) of qualifying reforesta-
form
3 min.
. . . . . . . . . . . . . . . . .
confidential, as required by section
tion costs paid or incurred in 2017.
Preparing the form
35 min.
. . . . . . . .
6103.
You can elect to amortize the remain-
Copying, assembling, and sending the
The time needed to complete and file
form to the IRS
20 min.
ing costs over 84 months. For amortiza-
. . . . . . . . . . .
Schedule C (Form 1040) will vary de-
tion that begins in 2017, you must com-
pending on individual circumstances.
plete and attach Form 4562.
If you have comments concerning the
The estimated burden for individual tax-
The amortization election does not
accuracy of these time estimates or sug-
payers filing this form is included in the
apply to trusts, and the expense election
gestions for making this form simpler,
estimates shown in the instructions for
does not apply to estates and trusts. For
we would be happy to hear from you.
their individual income tax return. The
details on reforestation expenses, see
See the instructions for the tax return
estimated burden for all other taxpayers
chapters 7 and 8 of Pub. 535.
with which this form is filed.
who file this form is approved under
OMB control number 1545-1974 and is
Paperwork Reduction Act Notice. We
shown next.
ask for the information on Schedule C
(Form 1040) and Schedule C-EZ (Form
1040) to carry out the Internal Revenue
Recordkeeping
3 hr., 36 min.
. . . . . . . . .
laws of the United States. You are re-
Learning about the law or the
form
1 hr., 19 min.
. . . . . . . . . . . . . . .
Preparing the form
1 hr., 39 min.
. . . . . .
Copying, assembling, and sending
the form to the IRS
34 min.
. . . . . .
C-16
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial