Instructions For Schedule C (2015) printable pdf download

Department of the Treasury

Internal Revenue Service

2015 Instructions for Schedule C

Profit or Loss

Use Schedule C (Form 1040) to report income or (loss) from a business you operated

or a profession you practiced as a sole proprietor. An activity qualifies as a business if

From Business

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 activi-

ty, see the instructions for Form 1040, line 21, or Form 1040NR, line 21.

Also use Schedule C to report (a) wages and expenses you had as a statutory em-

ployee, (b) income and deductions of certain qualified joint ventures, and (c) certain

income shown on Form 1099-MISC, Miscellaneous Income. See the Instructions for

Recipient (back of Copy B of Form 1099-MISC) for the types of income to report on

Schedule C.

Small businesses and statutory employees with business expenses of $5,000 or less

may be able to file Schedule C-EZ instead of Schedule C. See Schedule C-EZ for de-

tails.

You may be subject to state and local taxes and other requirements such as business

licenses and fees. Check with your state and local governments for more information.

Section references are to the Internal

their accounting methods to adopt final

General Instructions

Revenue Code unless otherwise noted.

tangible property repair regulations

without filing Form 3115, Application

Other Schedules and Forms

Future Developments

for Change in Accounting Method. The

You May Have To File

final tangible property regulations, T.D.

For the latest information about devel-

9636, clarify the standards for determin-

Schedule A (Form 1040) to deduct

opments related to Schedule C and its

ing whether to capitalize or expense cer-

interest, taxes, and casualty losses not

instructions, such as legislation enacted

tain repair and maintenance costs of tan-

related to your business.

after they were published, go to

gible

property.

For

additional

Schedule E (Form 1040) to report

information, see Rev. Proc. 2015-20,

rental real estate and royalty income or

What's New

2015-9

I.R.B.

694

available

(loss) that is not subject to

self-employment tax.

Standard mileage rate. The business

Schedule F (Form 1040) to report

Small Business and SelfEmployed

standard mileage rate for 2015 is 57.5

profit or (loss) from farming.

(SB/SE) Tax Center. Do you need help

cents per mile.

with a tax issue or preparing your return,

Schedule J (Form 1040) to figure

your tax by averaging your farming or

Deduction and capitalization of ex

or do you need a free publication or

fishing income over the previous 3

penditures related to tangible proper

form? SB/SE serves taxpayers who file

ty. Final regulations under sections

Form 1040, Schedules C, E, F, or Form

years. Doing so may reduce your tax.

Schedule SE (Form 1040) to pay

162(a) and 263(a) provide guidance for

2106, as well as small business taxpay-

taxpayers that acquire, produce, or im-

ers with assets under $10 million. For

self-employment tax on income from

any trade or business.

prove tangible property. The final regu-

additional information, visit the Small

lations clarify and expand the standards

Business and Self-Employed Tax Center

Form 3800 to claim any of the

under sections 162(a) and 263(a). The

general business credits.

regulations generally apply to tax years

Businesses- &-Self-Employed/Small-

Form 4562 to claim depreciation

beginning on or after January 1, 2014.

Business-and-Self-Employed-Tax-

(including the special allowance) on

For additional information, see T.D.

Center-1.

assets placed in service in 2015, to claim

9636, 2013-43 I.R.B. 331 available at

amortization that began in 2015, to

Reminders

make an election under section 179 to

ar05.html.

expense certain property, or to report

Simplified method for business use of

information on listed property.

Eased reporting requirements for cer

home deduction. The IRS provides a

Form 4684 to report a casualty or

tain small businesses changing ac

simplified method to determine your ex-

theft gain or (loss) involving property

counting methods to adopt new repair

penses for business use of a home. For

used in your trade or business or

regulations. For tax years beginning on

more information and to determine if

income-producing property.

or after January 1, 2014, small business

you can use the simplified method, see

taxpayers may make certain changes to

Line

30, later.

C-1

Jan 07, 2016

Cat. No. 24329W

Instructions For Schedule C (2015)

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