Fill Form 944 Pr Proprietorship 2024

Hey guys, welcome to today's video where we're going to be filling out a Schedule C-EZ form 1040. This form is for reporting the net profit from a sole proprietorship business. If you're not a sole proprietor and you're a partnership or a joint venture, you'll generally need to fill out a form 1065. I've also made an example video on how to fill out that particular form, which I'll link in the video description. But for today's example, we'll be using the Schedule C-EZ form 1040 for a YouTube content creator. Even if you're not a YouTube creator, you can still apply the information from this video to your own sole proprietorship business. To fill out the Schedule C-EZ, instead of the regular Schedule C, you'll need to have business expenses of $5,000 or less and use the cash method of accounting. Most sole proprietorship small businesses, especially those run from home, typically use the cash method of accounting since they don't deal with accounts receivable or other complicated accounting methods like accrual accounting and depreciation. Moving on, you'll also need to meet certain criteria to qualify for using the Schedule C-EZ form. These criteria include not having an inventory at any time during the year, not having a net loss from your business, having only one business as either a sole proprietor, qualified joint venture, or statutory employee, and not having any employees during the year. Additionally, you should not deduct expenses for the business use of your home. It's important to note that if you hired contract work, that doesn't count as an employee. So don't worry about that. Also, if you don't have any prior year net operating losses from this business and you're not required to file a Form 4562 for depreciation or amortization, then you can proceed...