A section of the From 1040 to report revenues and expenses associated with a small business operation. In addition to the Schedule C, Schedule SE in attached to calculate the self-employment tax.
On December 6, 2013, the Internal Revenue Service announced the mileage rate deduction for 2014. They reduced the amount allowed one-half a cent to 56 cents per mile. So how do you calculate and use […]
The sole proprietorship is taxed at the individual tax level. Basically, the income earned during the calendar year is calculated on Schedule C of Form 1040. The final number is transferred to the front page […]