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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