Schedule C ez filing requirements?

[bouvkev]

If the business only profited around $2500 do I still need to file a schedule C?

[MichaelDC · Accepted solution]

It's hard to tell from the information provided.

In order to use the Schedule C-EZ, you must satisfy a number of requirements first. If you fail to satisfy even one—you must use the full Schedule C.

You can use Schedule C-EZ if:

• Your total business expenses don’t exceed $5,000,
• You use the cash method of accounting,
• Your business or profession doesn’t require inventory,
• You aren’t reporting a loss,
• You operate only one business,
• You don’t receive certain credit card payments,
• The business has no employees,
• You don’t claim the home office deduction, and
• You satisfy the requirements of other less common situations that relate to depreciation and losses from prior years.