Most taxpayers know the 1040 Schedule C form as the “Profit and Loss” form
And now both sole proprietor and single-member LLCs can file this form right from an Android smartphone. The tax filing application includes a wide variety of options, designed to help every user complete the 1040 Schedule C tax form faster than ever before.
All you have to do is install the app and select the variant of the template you wish to fill out. Afterward, the document will open and the whole toolkit will be accessible to you.
The application includes several unique features:
✓ The option to add any textual or numeric information with the text tool. Click on the highlighted area and insert the needed information. Once you complete one cell, click on the next box you want to fill out and repeat the process.
✓ Selecting the desired answer variant via adding a checkmark.
✓ Providing the current date either by typing it in or by using the default date-selection option.
✓ Choosing the size of text and graphics - as well as font, styles, and colors
✓ Navigation between document parts with the “Pages” option.
✓ Signing the document by drawing your signature on the touchscreen. Once you’ve made your signature, the app fits it in the corresponding field automatically.
✓ The opportunity to add graphic lines anywhere in the document.
Here are some additional recommendations for filling out the form:
✓ Generally, the individual will have to provide his/her personal information and describe any business or professional activity.
✓ Those who’ve got multiple business needs should fill out the separate schedule C. It’s important to provide the information about every business separately. To complete the 1040 Schedule C form in detail, the taxpayer has to prepare all the needed supporting documents beforehand. This will help you keep all your data close at hand will save you time.
✓ Those who own LLC’s individually should provide not the EIN, issued to the owner, but the EIN, belonging to the LLC.
✓ The IRS allows using any income method including cash, accrual or any other way of getting capital. It’s important to inform the IRS about the method you’ll be using. If you're going to change it, then file an additional 3115 form.
✓ It's also important to cover your business expenses in a detailed way to compare your income, expenses and to understand what the after-tax earnings are.