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Category: Business Income (Schedule C)
55 Articles
Orange arrow Do I need to file a Schedule C?

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  Use Schedule C (Form 1040) to report income or loss from a business you operated or a profession you practiced as a sole proprietor. Also, use Schedule C to report wages and expenses you had as a statutory employee. An activity qualifies as a business if your primary purpose for engaging in the act...
Orange arrow How do I claim business use of my home?

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  Business use of your home. If you use part of your home for business, you may be able to deduct expenses for the business use of your home. These expenses may include mortgage interest, insurance, utilities, repairs, and depreciation. To qualify to claim expenses for the business use of your hom...
Orange arrow Schedule C Expenses - Car and Truck

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  You can deduct the actual expenses of operating your car or truck or take the standard mileage rate. You must use actual expenses if you used your vehicle for hire (such as a taxicab) or you used five or more vehicles simultaneously in your business (such as in fleet operations). You cannot use act...
Orange arrow What business expenses are deductible?

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  To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be consi...
Orange arrow Schedule C Expenses - Contract Labor

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  Contract labor includes payments to persons you do not treat as employees (for example, independent contractors) for services performed for your trade or business. Do not include contract labor deducted elsewhere on your return, such as contract labor that is part of legal and professional service...
Orange arrow What is Schedule C, Line 2, Returns and Allowances used for?

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  For businesses that sell products, if you are filing a Schedule C, returns and allowances include cash or credit refunds you make to customers, rebates, and other allowances off of the actual sales price. Line 1 of Schedule C is the gross receipts for the business. The returns and allowances amoun...
Orange arrow Classification of Property - Form 4562

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  Use the following rules to determine the classification of the property under ADS. Under ADS, the depreciation deduction for most property is based on the property's class life. See section 168(g)(3) for special rules for determining the class life for certain property. See Pub. 946 for informatio...
Orange arrow Section 179 Deduction and Special Allowance - Form 4562

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  Section 179 Property https://www.irs.gov/pub/irs-pdf/i4562.pdf?_ga=1.247664839.1715192775.1473785521 Section 179 property is property that you acquire by purchase for use in the active conduct of your trade or business, and is one of the following. Qualified section 179 real property. For more...
Orange arrow Schedule C Expenses - Utilities

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  Deduct utility expenses only for your trade or business. Local telephone service. If you used your home phone for business, do not deduct the base rate (including taxes) of the first phone line into your residence. But you can deduct expenses for any additional costs you incurred for business tha...
Orange arrow Schedule C - Statutory Employee

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  If you received a Form W-2 and the "Statutory employee" box in box 13 of that form was checked, report your income and expenses related to that income on Schedule C. Enter your statutory employee income from box 1 of Form W-2 on line 1 of Schedule C and check the box on that line. Social Security a...
Orange arrow Depreciation and Other Information - MACRS

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  The term "Modified Accelerated Cost Recovery System" (MACRS) includes the General Depreciation System and the Alternative Depreciation System. Generally, MACRS is used to depreciate any tangible property placed in service after 1986. However, MACRS does not apply to films, videotapes, and sound rec...
Orange arrow Amortization - Description of Costs

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  Only enter costs for which the amortization period begins during your tax year beginning in the current tax year. Describe the costs you are amortizing. You may amortize the following: Geological and geophysical expenditures (section 167(h)) Pollution control facilities (section 169) ...
Orange arrow Do I have to file Form 8582?

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  Exception for Certain Rental Real Estate Activities If you meet all of the following conditions, your rental real estate losses are NOT limited by the passive activity loss rules. If you do not meet all of these conditions, see the Instructions for Form 8582 to find out if you must complete and a...
Orange arrow Schedule C Expenses - Meals and Entertainment

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  Enter your total deductible business meal and entertainment expenses. This includes expenses for meals while traveling away from home for business and for meals that are business-related entertainment. Deductible ExpensesBusiness meal expenses are deductible only if they are (a) directly related t...
Orange arrow Schedule C - Inventory

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  Your inventories can be valued at cost; the lower of cost or market; or any other method approved by the IRS. However, you are required to use cost if you are using the cash method of accounting. If you are changing your method of accounting, refigure last year's closing inventory using your new ...

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