Will Form 1120 C Adjustments 2023-2024

Hello and welcome to our software tutorial series. In this tutorial, we will walk you through how to enter business income into the Schedule CEZ in the tax preparation software. After completing this lesson, you should be able to enter business income and expense information using Schedule CEZ. Schedule CEZ can be used instead of Schedule C to report a net profit from a business, as long as certain requirements are met. These requirements are listed at the top of Schedule C. To access Schedule CEZ in the software, click on line 12 of Form 1040 page 1 and press the F9 key. In the entry links window, select "New Schedule CEZ" from the list and click OK. At the top of Schedule CEZ, select whether the business corresponds to either the taxpayer or spouse by marking the appropriate check on line A. Provide a principal business or profession type and a description of the business activity on line B. Line B also requires a six-digit code that identifies the principal business or professional activity. You can find the codes in the software by pressing F1 to open the software help. Locate and click the link "Click here for a list of business codes". From the list of categories, select the one that best describes the business activity. Once you've selected a category, locate the description that best identifies the principal business activity and the highlighted six-digit code. Right-click on the highlighted text and select copy. Close the software help window. Select the Edit menu and select "Paste entry text". The software will enter the business code in the line B entry. If there is a separate business name, type it on line C. The Employer Identification Number (EIN) goes on line D. If there is no EIN, this field can be left...