Tax Filing Documents for Schedule C
Information to calculate cost of goods sold
To calculate cost of goods sold, you will need:
- Beginning inventory
- Cost of labor, materials, and supplies
- Ending inventory
Information on business use of your home, if you work from home
You will need information for Form 8829 to substantiate business use of your home, including:
- Calculation of the percentage of your home square footage that is set aside for "regular and exclusive" use by your business
- Amount for your home mortgage interest,real estate taxes, and homeowner's insurance
- Home expense like utilities, rent, and repairs and maintenance
- And information about the value of your home and land for depreciation purposes.
Take all of this information to your CPA, Enrolled Agent, or other tax preparer, or use business tax software to prepare your return.