We provide all kinds of services, advice and assistance regarding individual Tax which mainly comprises of the below mentioned returns:
- Schedule C
- Schedule E
- Schedule F
- (And all others)
Schedule C: Schedule C of form 1040 is used to report income or loss from a business one has ownership of, or any other profession that an individual practices as a sole proprietor. An activity is considered as a business only when one’s main purpose of the activity is to earn or profit. Also regarded are the matters of regularity and continuity in the said activity.
Schedule E: Schedule E of form 1040 is used when it is required to report the loss or income from real estate rentals, partnerships of any kind, royalties, estates, corporations, trusts, and residual interests in REMICs. One can put together one’s own schedule(s) to describe the income or loss from any of these factors. The same format as on schedule E can be used.
Schedule F: Schedule F of form 1040 is used to declare profit or loss from farming activities, and is used to report farm income and expenses.