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Can I, as the owner of an S Corporation that is registered in the District of Columbia as a For-Profit Domestic Corporation, use form 1040 Schedule C?

Two tax professionals have used this form; for the past two years since business started; though checking since others said that is wrong.

  • No employees
  • Business started in 2012 and both years filed the following forms
    • IRS form - 8879 - e-file signature authorization
    • IRS form - 1040 - U.S. individual income tax return
    • IRS form - 1040 Schedule A - itemized deductions
    • IRS form - 1040 Schedule C - profit or loss from business (sole proprietorship)
    • IRS form - 1040 Schedule C-EZ - net profit from business (this is not related to m business but my wife's business and I think we can ignore this as it does not have my company's info)
    • IRS form - 1040 Schedule SE - self-employment tax
    • IRS form - 1040 Schedule SE - self-employment tax ( for my wife so I think we can ignore )
    • IRS form - 8829 - expenses for business use of your home ( I have home-based business )
    • IRS form - 4562 - Depreciation and amortization
    • DC Form - D-40 SUB - individual income tax return
    • DC Form - d-2210 - underpayment of estimated income tax by individuals
    • DC form - D-40E Sub DC

Thank you in advance for all your guidance.

2

No, you can not use Schedule C for a Corporation.

If you treat the business as a sole proprietorship, i.e.: not a separate legal entity and not a separate financial entity - then you can. If that's how you treat your corporation, then you can continue using Schedule C, but there's no reason whatsoever to continue being a corporation either since the corporate liability protection veil is likely to be long gone.

Generally, corporations file form 1120, S-Corporations file form 1120S.

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