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Video instructions and help with filling out and completing Schedule c instructions
We're gonna fill out Schedule C the form that calculates profit and loss for businesses let's take it from the top and like on all forms start with our tax payers name and social security number on line a we're gonna fill out the kind of business that this is and in B the business code which we can get from the instructions this business doesn't have any specific name or address so we can go straight to accounting method on F and check yes that our taxpayer did materially participate in this business let's go to line one and put in the gross receipts for the year there were no returns or allowances so we're going to skip line two and bring the total from line one to line three on line four we're gonna put the cost of goods sold which we're going to address in more detail in a separate clip subtract 4 from 3 and we get the gross profit on line 5 and since there's no other income bring that number down to line 7 in part 2 we're gonna calculate any other kinds of expenses in our example we have office expenses which goes on line 18 will now total up all the expenses and bring that down to line 28 we're going to subtract line 28 from our total on line 7 and get the total on line 29 and bring that number down to line 31 now we have our profit and loss from the Schedule C that we can bring to our 1040 now that you've learned how to do this wouldn't it be easier to let us do it for you brought to you by wheezing Burgin company.