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Category: Federal

Schedule C, Profit or Loss From a Business

If you owned your own business, the IRS requires you to report any income or expenses for that business on your tax return. When you enter your information into the program, the form Schedule C is created. To create a Schedule C within the TaxSlayer program, go to Federal Section >> Income >> Enter Myself >> Profit or Loss From a Business. Enter all information applicable to your business.

 

If you received a Form 1099-MISC with income reported in boxes 5, 6, or 7, you must report the income on a Schedule C. To determine why you are required to file a Schedule C please click here.

 

 

There are five parts to the Schedule C:

 

I. Income

 

Gross receipts

Income reported on W-2 as Statutory Employee

Other income

 

 

II. Expenses

 

Advertising

Car and Truck Expenses

Commissions and Fees

Contract Labor

Depletion

Section 179

Employee Benefit Program

Insurance

Interest

Legal Services

Office Expenses

Pension and Profit Sharing

Rent or Lease

Repairs and Maintenance

Supplies              

Taxes And Licenses

Travel, Meals and Entertainment

Utilities

Wages

 

 

III. Cost of Goods Sold

 

Beginning inventory

Purchases

Cost of Labor

Materials and Supplies

Other Costs

Ending Inventory

 

 

IV. Information on your Vehicle

Date of Service

Total Miles

Business Miles

Commuting Miles

 

 

V. Other Expenses

Amortization

At-risk Loss Deduction

Bad Debts

Business Start-up Costs

Excess Farm Loss Deduction

Forestation and Reforestation Costs

Removal of Barriers to Individuals with Disabilities

Cost of Making Commercial Buildings Energy Efficient

 

 

 

For more information about specific sections of the Schedule C, please click the appropriate links below.

 

Address

 

Costs of Goods Sold

 

Accounting Method

 

Business Codes

 

Expenses