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Schedule C 2023 Form: What You Should Know

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FAQ - Schedule C 2023

How will the 2023 tax bill in the US affect my small business? I just finished my 2023 taxes, and deductions almost totaled my gross income on my schedule C.
Beats me.I think this will be a favorite topic among tax lawyers and CPAs during their annual compliance training. I am neither a CPA nor do I play one on television. Even if I were, I would be cautious until I completed my training.I suspect they will have an answer on the basics by July. Some of the fine print will need to be resolved by follow up legislation (threatened but nothing definite has moved) or tax court cases.In the meantime, proceed with a caution. Withhold a little generously, keep a paper trail on everything. Show that you are making a good faith effort to comply with the Feds. In the next to worse case scenario, you get a generous refund and learned you gave interest loan to the government. You ensue the worst case scenario is straight p[ayment and skip any penalties.Me? I do not worry. I play with TurboTax every year. I end up learning that my best course is standard deductions and exemptions. Chances are Trump’s tax bill will cost me a few bucks, but less than I would in a state like New York. The President seems determined to stick it to his old neighbors.Thanks for the a2A Lance Berg
As of August 2023. I am a sole member of LLC in CA that is DBA as a salon that is run by my wife only in CA. Do I file schedule C or Form 1065 (or both) to report Profit and Loss for salon business? I am not deriving any income from salon business.
Hi there, I retrieved this information off the IRS website for you. Generally, a single-member domestic LLC is not treated as a separate entity for federal income tax purposes. If you are the sole member of a domestic LLC, file Schedule C or C-EZ (or Schedule E or F, if applicable) unless you have elected to treat the domestic LLC as a corporation. See Form 8832 for details on making this election and for information about the tax treatment of a foreign LLC.
Has 7th pay been implemented in organisations like C-DOT, IOCL, HPCL and other PSUs as it was scheduled for 2023. If so, how much is the increase?
It hasn’t been implemented yet.But let me clarify, 7th pay revision is for govt. organisations(wholly owned). For PSU’s this is 3rd pay revision. It is due from 1.Jan.2023 and will be implemented soon. I am hearing some news that it will be implemented between april-june 2023 at least in Indian Oil.The basic salary of employees will increase by more than 130%. I am hearing that ‘A‣ Grade officers like us will have around 60000 Basic pay as compared to (24900 that we get now). But impact will not be that much as DA will be reduced from 119% to %. Overall packages will increase by 25–30%. But as ministry of finance has done nominal changes in taxation, the tax amount will be much higher that we pay today. As all the increased amount will be in the 10+ slab which incurs to heavy taxation which is 30%.
How do I prepare for SBI PO 2017?
SBI PO has now become a 3-stage process with the advent of the Prelims, Mains and GD-PI stages. Therefore each stage needs specialised treatment.Prelims:Resources: For English go over the rules regarding sentences from Wren and Martin and read the Editorial of The Hindu on a daily basis. This should suffice. For Maths use any standard aptitude book. I used Quantum Cat by Sarvesh Verma. For Reasoning I basically searched and learned all the topics from Internet. You can also use any standard book like R.S.Agarwal.How to approach the exam:1. English: As the cumulative time period for Prelims is just 1 hour , you can’t afford to give more than 10mins to this section. 10 questions will be from Reading Comprehension out of which 4 will be vocab based questions. Skip reading the RC , just do the 4 vocab based questions and move over. Also skip the Parajumbles as they are highly treacherous by nature.But POSITIVELY ATTEMPT all the remaining questions which will be from Errors, Cloze Test, Fill in the blanks. So 19 questions in 10mins.2. Reasoning: Coding-Decoding and syllogisms were missing conspicuously from this section. These are relatively easy and hence I was disheartened by their absence as easy 10 marks went up the air! So be wary of this. The crux of this section is Puzzles (Linear+Circular Seating Arrangement, 3 variable sorting,Floor sorting, etc). Expect 20–25 questions from these. But be very careful. Puzzles can easily eat up a lot of time if you get stuck in them. So move on to other questions if you are unable to solve them. Also there would be 10 questions from Inequalities, Direction Test, Blood Relations. Do them as they are usually easy pickings. Give this entire section 20–25 mins. Attempt 15–203. Maths: Solve the quadratic ( 5 qtns) first. They are very easy. Then move on to the series questions(5). Give each question 30 secs. If you are not able to find out the series logic within that , move on. Then go to the DI section(10 qtns). There will be 2 DIs. Attempt both or the easier one. Then move to the Arithmetic questions. Attempt 7–8 out of the 10. They will be based on topics such as Averages,Ratio & Proportion, Profit & Loss,Time Speed and Distance, Time and Work,Mensuration.If there is time left do 2–3 simplifications. Give this entire section 25–30 mins. Attempt 20.So you would have attempted 55–60 questions in 1 hour. Always remember there is no extra credit in topping the Prelims. You just have to cross the cutoff. The cutoff generally hovers in the 45–48 region and is totally dependent upon that year’s paper. I myself got 51 when cutoff was 47.5 (2023 paper).For Mains:2016's SBI PO Mains was really something! Unlike previous years its difficulty increased considerably , especially in the English section.1. Reasoning and Computer Awareness: Technically speaking no question came from Computer Awareness . One flowchart based question came and that too did not involve computer logic in the strict sense. Questions were either 1 or 2 marker. Puzzles, seating arrangement, blood relations, sorting again hogged the limelight. Some critical reasoning questions and came which were 2 marker in nature.2. General Awareness: This was relatively easier than the other 3 sections. Prepare the last 3-4 months Hindu Capsules of Current Affairs, Reasoning, Quant for Bank Exam, IBPS, RRB, SBI. Also brush through the tornado booster by gradestack released especially for SBI PO exam. These should suffice for this section.Excessive time alloted to this section. Give your eyes a rest after you complete this section.3. English: This section surprised almost every candidate this year. Going completely against its previous years pattern, this section threw up various new kinds of questions.Small 3-4 line passages had to be summarised in 1 sentence, the starting and ending of sentences had to be guessed, vocab based synonyms and antonyms came which were pretty tough. All in all , this was the deal-maker or deal-breaker for many a candidates. Go through The Hindu editorial daily if you want to become accustomed to such a surprise in the near future.4.Data Interpretation: Questions from DI were pretty calculation intensive and time consuming as mixture of various charts appeared in a single DI set. Questions also came from Number series, Probability.Practice CAT last year DI papers to be confident about this section.5. Descriptive: This was easy as we had to write 1 essay and 1 letter from common topics. Just be updated about current happenings and if you read the Hindu editorial daily, this section should be the least of your concerns. See the format of the letter from the internet.*to be continued
Is C++ going obsolete as new languages are created?
C++ is at least outdated. It is a badly designed old language. It might have a committee which works on it and many people who deny there are better languages around, but that does not make it good. In fact, most of the work is trying to fix up the mistakes. So it gets lots of updates ‣ well so does any buggy software. So you can’t tell anything from the updates.There are many more interesting languages around.However, in this industry it is difficult to kill things. Even the inventors of Unix decided on a better OS, Plan 9. But they found they could not move from Unix to Plan 9.C++ is a particular Frankenstein’s monster that has spread like a cancer.Dijkstra noted: "The use of COBOL cripples the mind; its teaching should, therefore, be regarded as a criminal offence.”The use of C++ cripples the mind; its teaching should, therefore, be regarded as a criminal offence.
What is the legal amount of money someone can have that runs a business without getting in trouble by IRS?
As several others have said, there is no limit on a “legal amount of money” someone can earn from a business without getting into trouble with the IRS—at least, as long as the business owner complies with the Internal Revenue Code, pays their corporate taxes or self-employment taxes, and files the appropriate returns.There is a Treasury rule that requires banks and business owners to scrutinise large amounts of cash; the purpose of this is probably more to prevent organised crime than specifically for tax collection. Form 8300 and Reporting Cash Payments of Over 10000.If you’re looking for the amount you can earn through self-employment and not have to pay Social Security tax or file a Schedule SE, it’s $ 400 per year. If you have a “regularly conducted business,” you have to file a Schedule C; the test for this is whether the activity is systematic.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 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 activity, see the instructions for Form 1040, line 21, or Form 1040NR, line 21.2023 Instructions for Schedule C (2023)
Can you file a 1040a tax form with a Schedule C attachment?
If you are filing a 2023 return, there is no longer a form 1040-A or 1040-EZ. You must use form 1040.If you are filing a recent form return 2023 or prior, then you must use form 1040 if filing a schedule C. There’s no place to enter business income on a form 1040-A. Also, right at the top schedule C (2023 version), it says “Attach to Form 1040, 1040NR, or 1041”. No 1040-A or 1040-EZ. It says the same on prior versions as well.
If my LLC wasn't incorporated til 2023. can I pay business taxes on income from last year rather than personal income taxes on it in my 2023 return?
There are so many things wrong with your question.1 - LLCs can NEVER be incorporated. They are FORMED. ONLY Corporations can be incorporated. LLCs stand for Limited Liability COMPANY!2. - LLC are a legal fiction of the state. They can NEVER exist or conduct any activity of any kind until the state of formation recognizes they exist.3. - Single member LLCs are taxed on the individual members tax return as a function of the Internal Revenue Code. You may elect to be treated as an association that is taxed as a corporation. However, that is an election that is subject to IRS approval. Then you could also elect to be taxed as an S corporation if all the members qualify for ownership.Those are the main problems.
Is C now outdated? Is C++ becoming outdated compared to C#?
In a perfect world, C# is better than C++ which is better than C which is better than assembly language. C# would have replaced those. But as other answers have pointed out: We don’t live in a perfect world and C# is owned by one company which has competitors.The following short essay explains it all.Assembly language took the basics of digital computers and their instruction sets and put it into a mnemonic language that was easy for humans to write. However, assembly languages were unique to each digital computer.The invention of high-level language took assembly languages and created abstractions that made programming easier and allowed the same program to run on any digital computer.The C Language encapsulated the high-level language mechanisms of the function, variable, assignment statement, and control logic into a nice versatile high-level language that become very popular for a long time.C++ added the object mechanism to C. The object mechanism was a brilliant mechanism that enabled programmers to create any type of variable and replaced the module with a universal organizing mechanism.Java and then C# added the runtime environment and other operational features that made programming even more versatile and universal. They also improved the grammar of the C++ language and eliminated the need to use pointers.The object also eliminated the need to create new programming languages. However, this aspect has never been exploited by the computer programming industry—to my horror. As a result, dozens of competing programming languages were created by various companies that are the same but with different grammars and built-in functionalities. Some of those new languages also incorporate various programming disciplines such as the functional programming languages.Multiple programming languages is not the way the computer programming industry should be headed. After decades of work, computer programming should be as easy as driving a car, but it isn’t. Programmers spend the bulk of their time trying to get their competing programming systems to do what they want to do instead of doing what they want to do with a simple but powerful universal programming system.In a perfect world, C# is better than C++ which is better than C and would have outdated both. But as the answers have pointed out: We don’t live in a perfect world.
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