![]() Next, let’s move on to the second half of the equation: expenses. Then, after adding any other income you might have, add that to your gross profit to get your gross income. Then, subtract your CoGS from that to get your gross profit. ![]() Now, we get into the main section of the Schedule C form.įirst, start by inputting your (or if it’s not you, the contractor’s) income details.Īs noted, first subtract your returns and allowances from your gross receipts and/or sales. If you’re not sure where to find that, you can reference our guide on EIN Lookup: How to Find Your Tax ID Number If You Don’t Know What It Is. Simply locate the code and plug it into this section.Īlso, make sure you have your EIN handy to fill in section D. You can see the full list of activity codes here to find the one that best matches your business. Section B refers to an IRS coding system used to categorize your profession. Section “B” might be a bit confusing, so let’s clarify that.
0 Comments
Leave a Reply. |