5. BUSINESS INCOME / (LOSS)
Report the net business income or loss from federal Schedule C or C-EZ. Include a copy of the federal form.
The IA 4562A (pdf) may need to be completed if the taxpayer claimed the bonus depreciation/section 179 deduction on the federal return. For more information on bonus depreciation/section 179, see information on line 14.
If one spouse has a loss, the couple may want to determine if filing status 2 is to their advantage.
Schedule C filers may need an Iowa Sales Tax Permit. Businesses selling taxable products or performing taxable services must have a permit to properly charge sales tax to their customers. For more information, please review this online training presentation: Sales Tax Permit
Married Separate Filers:
Reported by the spouse deriving the income or loss.