Schedule C

Please Click here for a PDF copy of the Schedule C

Part I: Income
	Gross receipts or sales
	Returns & Allowances
	COGS (Cost of Goods Sold)
	Other Income
		Finance reserve income
		Scrap sales
		Bad debts recovered
		Interest received
		Prizes and awards
Part II:Expenses
	Advertising
	Car & truck expenses
		1)Actual cost- Deduct the business-use percentage times the actual cost of operating the vehicle (gas, oil, repairs, insurance, tires, license, etc.)
		OR
		2)Standard mileage- For 2011, the business standard mileage rate is $.51 per mile through June 30 and $.55.5 per mile the remainder of the year
	Comissions and fees (Contract Labor not included)
	Contract Labor (services performed by non-employees)
	Depletion
		A depletion is allowed when a taxpayer has an economic interest in mineral property, an oil, gas or geothermal well, or standing timber.
	Depreciation and Section 179
	Employee benefit programs (expenses for accident and health plans, group-term life insurance & dependent care benefit programs)
	Insurance
	Interest
	Legal & professional fees (fees such as those charged by accountants that are ordinary & necessary expenses of operating a business)
	Office expenses
	Pension & profit-sharing plans (contributions to pension, profit-sharing or annuity plans, or plans for the benefit of employees)
	Rent or lease
	Repairs & maintenance
	Supplies
	Taxes & licenses
	Travel
	Meals & entertainment
	Utilities
	Wages
	Other expenses
		A deduction for charitable contributions is not allowed on Schedule C
	Business use of home expense (form 8829)
	Net profit or loss
Part III: COGS