There is no such thing as a "Very simple" SCH C. if you have self-employment income to report it on SCH C or SCH C-EZ. SCH C-EZ is included already with the online version of Premier. However, to use SCH C-EZ you must:
- Not claim any business expenses. Not one penny.
- Not claim any business assets
- Have no employees.
- Have no inventory.
- Have total business income of less than $5000 for the entire tax year.
If you do not meet all of the above, then you have to report your business income/expenses on SCH C.
Note that the above requirements are not IRS rules. They are TurboTax rules. The IRS rules state that if you have a profit from your business and:
your expenses are not greater than $5,000,
you have no employees,
you have no inventory, and
you are not using depreciation or deducting the cost of your home you can use Schedule C-EZ.
The TurboTax rules for using their program for the C-EZ are a bit more stringent.
