28th September 2004 - The Internal Revenue Service (IRS) announced new changes that will help increase the number of small business owners who will be able to file the form 1040, schedule C-EZ.

The Internal Revenue Service (IRS) announced new changes that will help increase the number of small business owners who will be able to file the form 1040, schedule C-EZ.

The schedule C form is used by small business owners to report profits and losses from a business. This schedule is used by business owners who file form 1040.

Schedule C-EZ is easier to prepare than the C documents. It saves both time and paperwork costs for small entrepreneurs.

Right now small businesses with $2500 or fewer expenses are eligible to use the simplified form. According to the proposed new rule, small businesses that spend up to $5000 can also use this time saving form.

Under the new estimates, this change will allow 500,000 more small businesses to use this C-EZ form, allowing savings worth an estimated 5 million hours in paperwork burden.