Income Tax This part explains whether you have to file an income tax returnand when you file it. It also explains how you pay the tax. Do I Have To Filean Income Tax Return? You have to file an income tax return for 1999 if your net earningsfrom self-employment were $400 or more. If your net earnings fromself-employment were less than $400, you still have to file an incometax return if you meet any other filing requirement listed in the Form1040 instruction booklet. How Do I File? File your income tax return on Form 1040 and attachSchedule C or Schedule C-EZ. Enter the amount of netprofit or loss from Schedule C or Schedule C-EZ on page 1 ofForm 1040. Use Schedule C to figure your net profit or loss from yourbusiness. If you operated more than one business as a soleproprietorship, you must attach a separate Schedule C for eachbusiness. You can use the simpler Schedule C-EZ if you operatedonly one business as a sole proprietorship, you did not have a netloss, and you meet the other requirements listed in Part I of theschedule. (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, or a return with lesspaper. Some of the options available to you are the following. IRS e-file (electronic filing). This alternativeincludes the following options. Using a tax professional who is an authorized IRSe-file provider. Using your personal computer. Using a telephone (TeleFile). Computerized returns (the 1040PC return, which is preparedon a personal computer and generally has fewer pages than aconventional return). For details about IRS e-file, see the Form 1040instructions. When is my tax return due?Form 1040 for calendar year 1999 is due by April 17, 2000 (April15th is a Saturday). If you use a fiscal year (explained in chapter 2),your return is due by the 15th day of the 4th month after the endof your fiscal year. If you file late, you may have to pay penaltiesand interest. If you cannot file your return on time, use Form4868, Application for AutomaticExtension of Time To File U.S. Individual Income Tax Return, torequest an automatic 4-month extension. five star hotel in VeniceHow Do I Pay the Income Tax? luxuriose Reservierungen BalatonfuredThe federal income tax is a pay-as-you-go tax. You must pay the taxas you earn or receive income during the year. An employee usually hasincome tax withheld from his or her pay. If you do not pay your taxthrough withholding, or do not pay enough tax that way, you might haveto pay estimated tax. You generally have to make estimated taxpayments if you expect to owe taxes, including self-employment tax(discussed later), of $1,000 or more when you file your return. UseForm 1040-ES, Estimated Tax forIndividuals, to figure and pay the tax. If you do not have tomake estimated tax payments, you may pay any tax due when you fileyour return. For more information on estimated tax, see Publication 505, Tax Withholding and Estimated Tax. Penalty for underpayment of tax.If you did not pay enough income tax and self-employment tax for1999 by withholding or by making estimated tax payments, you may haveto pay a penalty on the amount not paid. The IRS will figure thepenalty for you and send you a bill. Or you can use Form 2210, Underpayment of Estimated Tax byIndividuals, Estates, and Trusts, to see if you have to pay apenalty and to figure the penalty amount. For more information, seePublication 505.