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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



Car and Truck Expenses

Commissions and Fees

Contract Labor


Section 179

Employee Benefit Program



Legal Services

Office Expenses

Pension and Profit Sharing

Rent or Lease

Repairs and Maintenance


Taxes And Licenses

Travel, Meals and Entertainment





III. Cost of Goods Sold


Beginning inventory


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


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.




Costs of Goods Sold


Accounting Method


Business Codes