Schedule C Profit or Loss From Business (Sole Proprietorship)
Schedule C is used by sole proprietors to report income and expenses from their business.
Key Tax Information
The first part of Schedule C includes personal information for yourself and your business.
- Please verify your Name, Social Security Number and Employer ID Number are correct.
- Please also verify your Business name and Business address.
Part I Income:
This income would be calculated from your Profit and Loss statements in Heard.
Part II Expenses:
This section is calculated based on your expenses documented in your Heard account.
Line 30: Home Office Deductions are accounted for on Form 8829
Line 31: Net profit or (loss) that flows to Schedule I Line 3
Part IV Information on Your Vehicle:
If you claimed a business vehicle expense those details are listed here.
Part V Other Expenses:
This section would list any expense with a description that didn’t fall into the categories listed on page one of Schedule C.