Schedule C Tip

posted Dec 18, 2010, 3:32 PM by Wayne Culp   [ updated Dec 18, 2010, 3:33 PM ]
From the TRS conference call last Wednesday, I heard a suggestion which makes sense to me and helps me get out of the C vs. C-EZ bind. It goes like this:
1) Use only Schedule C
2) Train counselors to ONLY use Part V, "Other Expenses" to record all expenses (other than business miles).

What I like about this is that it essentially condenses Schedule C down to a C-EZ type of format, which counselors are used to. There is no need to teach what is in-scope vs. out-of-scope on page 1 of Schedule C. You also get the benefit of one-form-fits-all, business mileage automatically being transferred, and allowing business expenses up to the new 10K$ limit.

Any downside?

Dave Glova