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What Tax Filing Documents Do I Need to File Schedule C?

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Question: What Tax Filing Documents Do I Need to File Schedule C?
Small business owners who are filing business taxes as a sole proprietorship or single-member LLC must file using Schedule C - Profit or Loss from Business. Here are the tax documents you need to take to your tax preparer to file Schedule C.
Answer:

Tax Filing Documents for Schedule C

Information on your business income
Give your CPA a P&L (profit and loss, or income) statement, showing your revenue or gross income for the year.

Information to calculate cost of goods sold
To calculate cost of goods sold, you will need:

  • Beginning inventory
  • Cost of labor, materials, and supplies
  • Purchases,
  • Ending inventory

Information on your business expenses
Your Profit and Loss statement should include your business expenses. You will also need to provide more detail on travel expenses.

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.

Information on your business assets
You will need to provide information on your business asset records, including business vehicles, 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.

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