Publication 334 |
2000 Tax Year |
Income Tax
This part explains whether you have to file an income tax return
and when you file it. It also explains how you pay the tax.
Do I Have To File
an Income Tax Return?
You have to file an income tax return for 2000 if your net earnings
from self-employment were $400 or more. If your net earnings from
self-employment were less than $400, you still have to file an income
tax return if you meet any other filing requirement listed in the Form
1040 instruction booklet.
How Do I File?
File your income tax return on Form 1040 and attach
Schedule C
or Schedule C-EZ.
Enter the net profit or
loss from Schedule C or Schedule C-EZ on page 1 of Form 1040.
Use Schedule C to figure your net profit or loss from your business.
If you operated more than one business as a sole proprietorship, you
must attach a separate Schedule C for each business. You can use the
simpler Schedule C-EZ if you operated only one business as a
sole proprietorship, you did not have a net loss, and you meet the
other requirements listed in Part I of the schedule. (Part I of
Schedule C-EZ is printed in chapter 10.)
What are my filing options?
You may be able to file a paperless return using IRS e-file
(electronic filing). This includes the following options.
- Using a tax professional who is an authorized IRS
e-file provider.
- Using your personal computer.
- Using a telephone (TeleFile).
For details about IRS e-file, see the Form 1040
instructions.
When is my tax return due?
Form 1040 for calendar year 2000 is due by April 16, 2001 (April
15th is a Sunday). If you use a fiscal year (explained in chapter 2),
your return is due by the 15th day of the 4th month after the end of
your fiscal year. If you file late, you may have to pay penalties and
interest. If you cannot file your return on time, use Form 4868,
Application for Automatic Extension of Time To File U.S.
Individual Income Tax Return, to request an automatic 4-month
extension.
How Do I Pay the Income Tax?
The federal income tax is a pay-as-you-go tax. You must pay the tax
as you earn or receive income during the year. An employee usually has
income tax withheld from his or her pay. If you do not pay your tax
through withholding, or do not pay enough tax that way, you might have
to pay estimated tax. You generally have to make estimated tax
payments if you expect to owe taxes, including self-employment tax
(discussed later), of $1,000 or more when you file your return. Use
Form 1040-ES to figure and pay the tax. If you do not
have to make estimated tax payments, you may pay any tax due when you
file your return. For more information on estimated tax, see
Publication 505.
Penalty for underpayment of tax.
If you did not pay enough income tax and self-employment tax for
2000 by withholding or by making estimated tax payments, you may have
to pay a penalty on the amount not paid. The IRS will figure the
penalty for you and send you a bill. Or you can use Form 2210,
Underpayment of Estimated Tax by Individuals, Estates, and
Trusts, to see if you have to pay a penalty and to figure the
penalty amount. For more information, see Publication 505.
Table 1-1. Which Forms Must I File?
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