Buisness Return

Business Income includes amounts you received in your business that were property shown on forms 1099-C or assets, such as land and office buildings, on the other forms instead of schedule C or C-EZ. You must report on your tax return all income you receive from your business unless it is excluded by law. In most cases, your business income will be in the form of cash, checks, and credit charges. But the business income can be in other forms, such as property or services.

Nonemployee Compensation- Business income includes amounts you received in your business that were property shown on Forms 1099-Misc. This includes amounts reported as non employee compensation in box 7 of your 1099-Form.


If you are a US citizen who has business income from other sources outside the United States, you must report that income on your tax return unless it is exempt from tax under US law. If you live outside the United States, you may be able to exclude part or all of your foreign-source business income.

If you think that not filing your buiness income tax properly, will not come back to haunt you than you are mistaken. This is exactly what will get you audited quicker than an individual return if not filed in accordance with the IRS regulation.