Tax Tips: Can I use Schedule C-EZ for my small business?

When you've got self-employment income, it's much nicer if you can use Schedule C-EZ instead of Schedule C. Why? Because it's easy (EZ)!!!

You can use Schedule C-EZ if you have $5,000 or less in business expenses, and if you do not have a net loss in the business for the year. There is an instruction page that comes with the form to help you determine whether you can actually use it and how to fill it out.

Schedule C is much longer, but is required for those with higher expenses or a net loss for the year. There are many more lines to be filled out on the Schedule C, but with the instruction booklet, it's not the worst. For additional information on filing taxes for your small business, refer to IRS Publication 334, Tax Guide for Small Business.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

Your resource on tax filing
Tax season is here! Check out the Tax Center on AOL Finance for all the tips and tools you need to maximize your return.
A Guide to Self-Employment Taxes for Contractors, Freelancers, and Beyond [Infographic]
If you work for yourself and don't call anyone your boss, you're likely self-employed. This carries advantages, like not having a manager and deciding your own hours. But it also comes with trade-offs, like paying the self-employment tax and paying for your own employee benefits.
Read MoreBrought to you byTurboTax.com
Amending Your Income Tax Return
What if you've sent in your income tax return and then discover you made a mistake? You can make things right by filing an amended tax return using Form 1040-X. You can make changes to a tax return to capture a tax break you missed the first time around or to correct an error that might increase your tax.
Read MoreBrought to you byTurboTax.com
5 Tax Breaks for Veterans
Whether you have served in the military decades ago, or if you’re ready to retire soon, there are specific tax breaks for veterans that can help you and your family save money on your tax bill — and even file your tax returns for free.
Read MoreBrought to you byTurboTax.com
Filing Tax Returns for Delivery Drivers: Tips and Advice
Whether you’re just starting out or have been in the field for a while, being a delivery driver comes with its own nuances when it’s time to file your taxes. Here are four steps to help guide you through the process and help ensure accuracy while maximizing your return.
Read MoreBrought to you byTurboTax.com