Schedule C Worksheet - Pro�t or Loss From Business

General InformationName

Last 4 digits of Social Security Number

Description of Principal business or professionEmployment ID Number (if di�erent from social security number)

Street address (if di�erent from home address)

City, State & Zip Code (if di�erent from home address)

Did you materially participate in the operation of the business?

Enter Y or N Accounting method:1 - Cash

2 - Accrual

3 - Other (describe below)

Mark “X” on method used

Did you start or acquire the business in 2019?

Did you make any payments that would require you to �le Form(s) 1099?

If “Yes,” did you or will you �le required Forms 1099?

Questions for Schedule C

IncomeGross receipts or sales

Returns & allowances (enter as positive #) Beginning Inventory

PurchasesCost of Labor

Materials & Supplies

Other Costs

Ending Inventory

Cost of goods sold

Cost of goods sold (from calculator)Gross Pro�t

Other Income/Desription (enter below)

Gross Income

Cost of goods sold Calculator

ExpensesAdvertising

Car and truck expenses

Commissions & feesContract Labor

Depreciation (to be calculated by IFA Taxes)

Employee bene�t programs

Insurance (other than health)

Interest

Legal and professional fees

O�ce expense

Pension & pro�t sharing plans (for employees)

Auto Mileage CalculatorEnter total # of miles driven for the year

Enter total # of miles driven for the business

Total Auto Mileage Expense

Car and Truck Expense CalculatorGasoline, lube, oil

Repairs

Tires

Insurance

Inventory MethodMark “X” below

Cost

Lower of cost or market

Other (describe below)

Expenses Continued...Rent - Equipment

Rent - Other

RepairsSupplies

Taxes & licenses

Travel

Meals - Enter full amount in box

Utilities

Wages

Other Expenses (from calculator)

Other Expenses Calculator Enter (Description | Amount) Below

Total Other Expenses

Purchased Equipment, Furniture, Fixtures, Improvements, Vehicles during 2020 (not included in

expenses)

Miscellaneous

Auto Licenses (other than personal property txs)

Personal Property Taxes (on car value)

Vehicle rent or lease paymentsInterest (car loan)

Total Actual Auto Expenses

Enter Y or NVehicle Information QuestionsWas your vehicle available for person use duringo� duty hours?

Do you have another vehicle available for personal use?

Do you have supporting evidence?

If “Y” is the evidence written?

Description Cost Amount Date Placed In Service

Total Expenses

Net pro�t (loss)

Please enter all pertinent 2020 amounts.

Principle business/profession

Business name, if di�erent from Form 1040

Business address, if di�erent from Form 1040

Employer identi�cation number

Accounting method: 1=cash, 2=accrual

1=spouse, 2=joint

1=�rst Schedule C �led for this business

If required to �le Form(s) 1099, did your or will you �le all required Form(s) 1099: 1=yes, 2=no

1=single member limited liability company

2020 1040 US Business Income Schedule C

GENERAL INFORMATION

Gross receipts or sales (Form 1099-MISC, box 7)

2020 AmountINCOME

Returns and allowances

Inventory at beginning of the year

2020 AmountCOST OF GOODS SOLD

Purchases

Cost of items for personal use

Cost of labor

Materials and supplies

Inventory at end of the year

Other Income:

Other Income:

Please enter all pertinent 2020 amounts.

Accounting

Advertising

Answering Service

Bad debts from sales or service

Bank charges

Commissions

Contract Labor

Delivery and freight

2020 1040 US Business Income Schedule C

EXPENSES

Dues and subscriptions

Employee bene�t program

Insurance (other than health)

Mortgage interest (paid to banks, etc.)

Other interest (not entered elsewhere)

Janitorial

Laundry and cleaning

Legal and professional

Miscellaneous

O�ce expenses

Outside services

Parking and tolls

Pension and pro�t sharing plans - contributions

Postage

Printing

Rent - vehicles, machinery, & equipment (not entered elsewhere)

Rent - other

Repairs

Security

Supplies

Taxes - real estate

Taxes - payroll

Taxes - sales tax included in gross receipts

Taxes - other (not entered elsewhere)

Telephone

Tools

Travel

Total meals in full (50%)

Please enter all pertinent 2020 amounts.

Uniforms

Utilities

Wages

2020 1040 US Business Income Schedule C

EXPENSES (continued)

Other Expenses:

Please enter all pertinent 2020 amounts.

2020 1040 US Vehicle Expenses

Miscellaneous

Auto License (other than personal property taxes)

Personal property taxes (based on car’s value)

Interest (car loan) (for Schedule C, E & F)

Vehicle rent or lease payments

Inclusion amount (enter as positive)

Value of employer-provided vehicle on Form W-2 (2106)

Description of vehicle

Date placed in service

1=no evidence to support your deduction

GENERAL INFORMATION

1=no written evidence to support your deduction

Total mileage (for the tax year)

Business mileage

Commuting mileage (for the tax year)

AUTOMOBILE MILEAGE

Average daily round-trip commute

Parking fees and tolls (business portion only)

Gasoline, lube, oil

Repairs

ACTUAL EXPENSES

Tires

Insurance

1=vehicle is available for o�-duty personal use

1=no other vehicle is available for personal use

1=vehicle used primarily by more than 5% owner

Number of months of business use if changed from 100%personal use

Please enter 2020 indirect expenses in full. Nonbusiness portion will carry to schedule A. Business percentage will be applied to indirect expenses only.

2020 1040 US Business Use of Home (Form 8829)

Other indirect expenses:

Form

Number of form (e.g., enter 2 for Schedule C number 2)

Business use of area (square footage)

BUSINESS USE OF HOME

Total area of home (square footage)

Mortgage interest

NOTE: Indirect expenses are for keeping up and running your entire home. They bene�t both the business and personal parts of your home.

Real Estate Taxes

Quali�ed mortgage insurance premiums

INDIRECT EXPENSES

Casualty losses

Insurance

Miscellaneous

Rent

Repairs and maintenance

Utilities

Total hours facility used (for daycare facilities only)

Total hours available (if not 8,760)

Area of home included above used exclusively for daycare business, if any (sq ft)

% (.xx) or amount of gross income from home if not 100% (-1 if none)

% (.xx) or amount of expenses from home if not 100% (-1 if none)

Please enter 2020 indirect expenses in full. Nonbusiness portion will carry to schedule A. Business percentage will be applied to indirect expenses only.

2020 1040 US Business Use of Home (Form 8829)

Miscellaneous

NOTE: Direct expenses bene�t only the business part of your home. They include painting or repairs made to speci�c areas or rooms used for business.

Repairs and maintenance

Other direct expenses

DIRECT EXPENSES