When to use Schedules C and E for your taxes
Posted in: General
Q: When does a small business flow to a Schedule E and when to a Schedule C?
A: Schedule E is for situation where you have rental income, receive royalties, or have income reported on a Schedule K-1 from a partnership of S corporation. Here is a fact sheet on Schedule E.
Schedule C is for self-employment activities. This is when you have a business other than rental real estate activity. Here is a fact sheet regarding Schedule C.
-- Answer from Meg C., an accountant on JustAnswer.
Daily Answer is excerpted from the JustAnswer archives and features information provided by a Expert on JustAnswer.