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Category: Schedule C - Profit or Loss from Business
55 Articles
Orange arrow Schedule C Expenses - Meals and Entertainment

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    Line 24b Enter your total deductible business meal and entertainment expenses. This includes expenses for meals while trav-eling away from home for business and for meals that are business-related enter-tainment. Deductible expenses. Business meal expenses are deductible only if they are (a) d...
Orange arrow Form 8829 - Expenses for Business Use of Your Home

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  Use Form 8829 to figure the allowable expenses for business use of your home on Schedule C (Form 1040) and any carryover to 2015 of amounts not deductible in 2014. You must meet specific requirements to deduct expenses for the business use of your home. Even if you meet these requirements, your de...
Orange arrow Form 8829 Direct Expenses

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    Enter as direct or indirect expenses only expenses for the business use of your home (that is, expenses allowable only because your home is used for business). If you did not operate a business for the entire year, you can deduct only the expenses paid or incurred for the portion of the year you...
Orange arrow Form 8829 - Indirect Expenses

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  Indirect expenses are for keeping up and running your entire home. They benefit both the business and personal parts of your home. Generally, enter 100% of your indirect expenses on the appropriate line in column (b). Exception. If the business percentage of an indirect expense is different from t...
Orange arrow Form 8829-Daycare Facilities

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  Special Computation for Certain Daycare Facilities If the part of your home used as a daycare facility includes areas used exclusively for business as well as other areas used only partly for business, you cannot figure your business percentage using Part I. Instead, follow these three steps: Fig...
Orange arrow Line 2

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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 am...
Orange arrow How do I report 1099-K income with OLTPRo?

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  You need to file Schedule C if you earned income from your sole proprietorship (owned your own business, not a partnership or corporation), received a W-2 showing wages and expenses as a statutory employee, received income and deductions from qualified joint ventures, or if you received a 1099-MISC...
Orange arrow How do I report the 1099-MISC income to Schedule C?

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  Instructions for Direct Input Software: When a reporting form is calculated to a Schedule, always begin with the Schedule and link to the reporting form. Navigate to the Schedule C summary and either "EDIT" the already created Schedule C or choose to "ADD" a Schedule C. Once you have completed...
Orange arrow Schedule C Expenses - Insurance (Other Than Health)

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  Deduct premiums paid for business insurance. Do not deduct amounts paid for employee accident and health insurance as these are employee benefit program expenses. Do not deduct amounts credited to a reserve for self-insurance or premiums paid for a policy that pays for your lost earnings due to sic...
Orange arrow When to file 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 Schedule C - Profit or Loss From Business

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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. An activity qualifies as a business if your primary purpose for engaging in the activity is for income or profit and you are involved in the activity with continuity ...
Orange arrow What is the Cost of Goods Sold?

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  If your business manufactures products or purchases them for resale, you generally must value inventory at the beginning and end of each tax year to determine your cost of goods sold. Some of your business expenses may be included in figuring cost of goods sold. Cost of goods sold is deducted from ...
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 ho...
Orange arrow How do I claim employee business expenses?

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  Generally, you must use Form 2106 or Form 2106-EZ to figure your deduction for employee business expenses and attach it to your Form 1040. Your deductible expense is then taken on Schedule A of Form 1040, as a miscellaneous itemized deduction subject to the 2% of adjusted gross income limit. If yo...
Orange arrow How do I claim personal business expenses?

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  Generally, you cannot deduct personal, living, or family expenses. However, if you have an expense for something that is used partly for business and partly for personal purposes, divide the total cost between the business and personal parts. You can deduct as a business expense only the business p...

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