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Business Code for Sch C?
Posted: Thu Feb 07, 2013 7:32 pm
by wgoforth
I am working on my taxes and using Sch C to file for my CHL classes income. What business code are ya'll putting for this?
Re: Business Code for Sch C?
Posted: Thu Feb 07, 2013 8:09 pm
by CainA
Page 12(starts)
http://www.irs.gov/pub/irs-pdf/i1040sc.pdf" onclick="window.open(this.href);return false;
can't help you on which one is the best fit though, I didn't look at it that closely. 611000 maybe?
Re: Business Code for Sch C?
Posted: Thu Feb 07, 2013 8:12 pm
by Zoo
611000
Re: Business Code for Sch C?
Posted: Thu Feb 07, 2013 8:14 pm
by wgoforth
CainA wrote:Page 12(starts)
http://www.irs.gov/pub/irs-pdf/i1040sc.pdf" onclick="window.open(this.href);return false;
can't help you on which one is the best fit though, I didn't look at it that closely. 611000 maybe?
Appreciate it, had this too. Was wondering what other instructors are using.
Re: Business Code for Sch C?
Posted: Thu Feb 07, 2013 9:07 pm
by CainA
I think that code is for statistics more than anything else. I doubt if you coded it as janitorial and you truly know it wasn't, that it would be a big deal, as in an audit flag or whatever.
Re: Business Code for Sch C?
Posted: Thu Feb 07, 2013 9:46 pm
by apostate
CainA wrote:I think that code is for statistics more than anything else. I doubt if you coded it as janitorial and you truly know it wasn't, that it would be a big deal, as in an audit flag or whatever.
Probably true, as long as you pick a code for a service business. If you pick a retail or manufacturing code, the discriminant function software may expect a different pattern of income and expenses, and raise a red flag.