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2016 schedule c Form: What You Should Know

See if you can avoid paying 10 percent tax. If you have worked for another person or business under a contract that is similar to an employee-employer relationship, then you qualify for exemption under IRC Section 4980D. A person in any of the following circumstances is not subject to the income tax: A person may be a partnership if either (1) the partnership has (a) a constitution, bylaws, powers, or duties that permit its members to act collectively, and (b) its members can act collectively to the extent of any shared objectives, (2) at least 85 percent of the assets of the partnership consist of assets owned by one or more members, and (3) all members are residents of the tax area in which the partnership's place of business is located. A person may be a corporation if its members are related by blood, affinity, or adoption, unless the terms of its organizational documents create an exception to this rule. However, a person may not become a corporation solely to avoid tax. A person may be a mutual fund, or other like tax-exempt entity under U.S. law. However, the mutual fund or other exempt entity must have the same purpose as the investment held by the investor. A person may be an individual, if it is engaged in a trade or business as an individual, or as a member of a partnership if the member is engaged in a trade or business as an individual or is a member of a partnership engaged in a trade or business as a partnership. For purposes of this list, an employee-employer relationship means all the following are true: 1. An employee is any person (other than a partner) who:  (a) Is an employer for purposes of federal income tax; 2. Is an employee of an employer; or 3. Is not an employee of the employer but who is provided, directly or indirectly, services or information by an employer in connection with the employee's employment.

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