In San Diego there are many different types of business entities. Our firm of Law Office of Scott C. Soady, A Professional Corporation, LLP recommends using a licensed and professional CPA and you can feel free to e mail our call us if you need a referral to a competent professional at no charge.
The Internal Revenue Service introduced Schedule C-EZ, a simplified expense form, for use by small businesses preparing Form 1040. The IRS recently announced that it will expand the number of small businesses eligible to use the form by 15%, or about 500,000 businesses, beginning with tax year 2004.
The greater availability of Schedule C-EZ will be accomplished by doubling the business expense threshold for businesses that can use the form from $2,500 to $5,000. This change could save as much as five million hours of paperwork for small business taxpayers.