SPRING 2005 ISSUE
MORE BUSINESSES ELIGIBLE FOR C-EZ
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.
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