Profit or Loss From Business

Form 1040 Schedule C: Profit or Loss From Business

Use Tax Form 1040 Schedule C: Profit or Loss From Business as a stand alone tax form calculator to quickly calculate specific amounts for your 2023 tax return. Form 1040 Schedule C: Profit or Loss From Business is also integrated into our comprehensive US Tax Calculator where you can complete and save your calculations for later use. Alternatively you can use one of our Combined Federal and State Tax Estimator to quickly calculate your salary, tax and take home pay.

Schedule C: Profit or Loss From Business

Part I Income	1	Gross receipts or sales. See instructions for line 1 and check the box if this income was reported to you on Form W-2 and the “Statutory employee” box on that form was checked . . . . . . . . . ▶
	2	Returns and allowances .
	3	Subtract line 2 from line 1
	4	Cost of goods sold (from line 42 - See Part III below)
	5	Gross profit. Subtract line 4 from line 3
	6	Other income, including federal and state gasoline or fuel tax credit or refund (see instructions) .
	7	Gross income. Add lines 5 and 6 .

Part II Expenses	8	Advertising			18	Office expense (see instructions)
	9	Car and truck expenses (see instructions).			19	Pension and profit sharing plans
	10	Commissions and fees			20a	Rent or lease Vehicles, machinery, and equipment
	11	Contract labor (see instructions)			20b	Rent or lease Other business property
	12	Depletion			21	Repairs and maintenance
	13	Depreciation and section 179 expense deduction (not included in Part III) (see instructions).			22	Supplies (not included in Part III)
	14	Employee benefit programs (other than on line 19).			23	Taxes and licenses
	15	Insurance (other than health)			24a	Travel .
	16	Interest:			24b	Deductible meals and entertainment (see instructions)
	16a	Mortgage (paid to banks, etc.)			25	Utilities
	16b	Other			26	Wages (less employment credits)
	17	Legal and professional services			27a	Other expenses (from line 48 below)
	28	Total expenses before expenses for business use of home. Add lines 8 through 27a . . . . . . ▶
	29	Tentative profit or (loss). Subtract line 28 from line 7 .
	30	Expenses for business use of your home. Do not report these expenses elsewhere. Attach Form 8829 unless using the simplified method (see instructions). Simplified method filers only: enter the total square footage of: (a) your home: and (b) the part of your home used for business: . Use the Simplified Method Worksheet in the instructions to figure the amount to enter on line 30 .
	31	Net profit or (loss). Subtract line 30 from line 29. • If a profit, enter on both Form 1040, line 12 🖩 (or Form 1040NR, line 13) and on Schedule SE 🖩, line 2. (If you checked the box on line 1, see instructions). Estates and trusts, enter on Form 1041 🖩, line 3. • If a loss, you must go to line 32.
	32	If you have a loss, check the box that describes your investment in this activity (see instructions). • If you checked 32a, enter the loss on both Form 1040 🖩, line 12, (or Form 1040NR, line 13) and on Schedule SE🖩, line 2. (If you checked the box on line 1, see the line 31 instructions). Estates and trusts, enter on Form 1041 🖩, line 3. • If you checked 32b, you must attach Form 6198 🖩. Your loss may be limited.					32a All investment at risk 32b Some investment at risk

Part III Cost of Goods Sold	33	Method(s) used to value closing inventory:    33a Cost    33b Lower of cost or market    33c Other (attach explanation)
	34	Was there any change in determining quantities, costs, or valuations between opening and closing inventory? If “Yes,” attach explanation .	Yes	No
	35	Inventory at beginning of year. If different from last year’s closing inventory, attach explanation
	36	Purchases less cost of items withdrawn for personal use
	37	Cost of labor. Do not include any amounts paid to yourself
	38	Materials and supplies
	39	Other costs
	40	Add lines 35 through 39
	41	Inventory at end of year
	42	Cost of goods sold. Subtract line 41 from line 40. Enter the result here and on line 4

Part IV Information on Your Vehicle Complete this part only if you are claiming car or truck expenses on line 9 and are not required to file Form 4562 for this business. See the instructions for line 13 to find out if you must file Form 4562.
43	When did you place your vehicle in service for business purposes? (month, day, year)
44	Of the total number of miles you drove your vehicle during 2016, enter the number of miles you used your vehicle for:     44a Business     44b Commuting (see instructions)     44c Other
45	Was your vehicle available for personal use during off-duty hours?	Yes	No
46	Do you (or your spouse) have another vehicle available for personal use?	Yes	No
47a	Do you have evidence to support your deduction?	Yes	No
47b	If “Yes,” is the evidence written?	Yes	No

Part V Other Expenses. List business expenses not included on lines 8–26 or line 30
	48	Total other expenses. Enter here and on line 27a .					48

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