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Form 8832 Oklahoma City Oklahoma: What You Should Know

Business Entity; Business Organization;  Business Sole Proprietor or a Corporation; Sole Proprietor If you are a sole proprietor or the sole owner of a business organization, you may answer 'Yes' to one of these questions: What is the taxable income source of your business? Note: Your business is a C corporation, or disjointed business organization. You are one of the owners of the business. The amount of your business income and losses will be reported on Schedule E and reported on Line 14 of Form 1040, line 15 of Form 1040A, line 16 of Form 1041, line 17 on Form 1040NR, and line 18 of Form 1040NR-EZ.  What is the business activity for which you elect to be classified as a C Corporation? A business activities are either the principal source of income or the principal expenditure of the business. You are a business owner and have made your election to be classified as a C corporation. The information you provided on Form 8832 will be used by the IRS to figure your tax on a Schedule C (Form 1040) or Form 1120 in lieu of using the income and losses for your business. What property is carried on or available for use in your business? As a business owner, you can determine that property you can use during the year to conduct your business is carried on or available for use as a business for you to be classified as a C corporation or to be deemed to engage in a C corporation business activity. Your determination of property to be used as a business activity is based on the following questions: What is the value of the property? What is your business income and expenses? If your business is a C corporation, your business expenses are the amount of business income. What is your gross income? Your gross income is the total of all your gross receipts less your allowable personal deductions minus any miscellaneous deductions. As a business owner, you will also have to determine your gross deduction for business expenses, the amount of your allowable personal deductions, any personal exemptions you may be entitled to, and any miscellaneous deductions that you owe. The IRS does not tell you what other deductions or exemptions your business owner may be able to claim. Your business activities that you use for your business are the principal source of your gross income and are the source of your deductions and exemptions.

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