IRS Form 1040 (1040-SR) Schedule C "Profit or Loss From Business (Sole Proprietorship)"

What Is IRS Form 1040 (1040-SR) Schedule C?

This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury. The document is a supplement to IRS Form 1040, and IRS Form 1040-SR. As of today, no separate filing guidelines for the form are provided by the IRS.

Form Details:

  • A 2-page form available for download in PDF;
  • Actual and valid for filing 2020 taxes;
  • Editable, printable, and free;

Download a fillable version of IRS Form 1040 (1040-SR) Schedule C through the link below or browse more documents in our library of IRS Forms.

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Download IRS Form 1040 (1040-SR) Schedule C "Profit or Loss From Business (Sole Proprietorship)"

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SCHEDULE C
Profit or Loss From Business
OMB No. 1545-0074
(Form 1040 or 1040-SR)
2019
(Sole Proprietorship)
Go to www.irs.gov/ScheduleC for instructions and the latest information.
Department of the Treasury
Attachment
09
Attach to Form 1040, 1040-SR, 1040-NR, or 1041; partnerships generally must file Form 1065.
Internal Revenue Service (99)
Sequence No.
Name of proprietor
Social security number (SSN)
B
A
Principal business or profession, including product or service (see instructions)
Enter code from instructions
C
Business name. If no separate business name, leave blank.
D Employer ID number (EIN) (see instr.)
E
Business address (including suite or room no.)
City, town or post office, state, and ZIP code
F
Accounting method:
(1)
Cash
(2)
Accrual
(3)
Other (specify)
Yes
No
G
Did you “materially participate” in the operation of this business during 2019? If “No,” see instructions for limit on losses
.
H
If you started or acquired this business during 2019, check here .
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Yes
No
I
Did you make any payments in 2019 that would require you to file Form(s) 1099? (see instructions) .
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Yes
No
J
If “Yes,” did you or will you file required Forms 1099?
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Part I
Income
1
Gross receipts or sales. See instructions for line 1 and check the box if this income was reported to you on
Form W-2 and the “Statutory employee” box on that form was checked .
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1
2
2
Returns and allowances .
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3
3
Subtract line 2 from line 1
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4
Cost of goods sold (from line 42)
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4
5
Gross profit. Subtract line 4 from line 3 .
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5
6
Other income, including federal and state gasoline or fuel tax credit or refund (see instructions) .
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6
7
Gross income. Add lines 5 and 6 .
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7
Part II
Expenses. Enter expenses for business use of your home only on line 30.
8
Advertising .
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8
18
Office expense (see instructions)
18
19
Pension and profit-sharing plans
.
19
9
Car and truck expenses (see
instructions) .
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9
20
Rent or lease (see instructions):
10
Commissions and fees
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10
a
Vehicles, machinery, and equipment
20a
11
11
b
20b
Contract labor (see instructions)
Other business property
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12
12
21
21
Depletion
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.
Repairs and maintenance .
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.
13
Depreciation and section 179
22
Supplies (not included in Part III) .
22
expense
deduction
(not
23
Taxes and licenses .
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23
included in Part III) (see
13
24
Travel and meals:
instructions) .
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a
24a
Travel .
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14
Employee benefit programs
14
(other than on line 19) .
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b
Deductible meals (see
15
Insurance (other than health)
15
instructions) .
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24b
16
Interest (see instructions):
25
Utilities
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25
a
Mortgage (paid to banks, etc.)
16a
26
Wages (less employment credits) .
26
b
Other
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16b
27 a
Other expenses (from line 48) .
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27a
17
Legal and professional services
17
b
Reserved for future use .
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27b
28
Total expenses before expenses for business use of home. Add lines 8 through 27a .
28
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29
Tentative profit or (loss). Subtract line 28 from line 7 .
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29
30
Expenses for business use of your home. Do not report these expenses elsewhere. Attach Form 8829
unless using the simplified method (see instructions).
Simplified method filers only: enter the total square footage of: (a) your home:
. Use the Simplified
and (b) the part of your home used for business:
Method Worksheet in the instructions to figure the amount to enter on line 30 .
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30
31
Net profit or (loss). Subtract line 30 from line 29.
}
• If a profit, enter on both Schedule 1 (Form 1040 or 1040-SR), line 3 (or Form 1040-NR, line
31
13) and on Schedule SE, line 2. (If you checked the box on line 1, see instructions). Estates and
trusts, enter on Form 1041, line 3.
• If a loss, you must go to line 32.
}
32
If you have a loss, check the box that describes your investment in this activity (see instructions).
• If you checked 32a, enter the loss on both Schedule 1 (Form 1040 or 1040-SR), line 3 (or
32a
All investment is at risk.
Form 1040-NR, line 13) and on Schedule SE, line 2. (If you checked the box on line 1, see the line
Some investment is not
32b
31 instructions). Estates and trusts, enter on Form 1041, line 3.
at risk.
• If you checked 32b, you must attach Form 6198. Your loss may be limited.
For Paperwork Reduction Act Notice, see the separate instructions.
Cat. No. 11334P
Schedule C (Form 1040 or 1040-SR) 2019
SCHEDULE C
Profit or Loss From Business
OMB No. 1545-0074
(Form 1040 or 1040-SR)
2019
(Sole Proprietorship)
Go to www.irs.gov/ScheduleC for instructions and the latest information.
Department of the Treasury
Attachment
09
Attach to Form 1040, 1040-SR, 1040-NR, or 1041; partnerships generally must file Form 1065.
Internal Revenue Service (99)
Sequence No.
Name of proprietor
Social security number (SSN)
B
A
Principal business or profession, including product or service (see instructions)
Enter code from instructions
C
Business name. If no separate business name, leave blank.
D Employer ID number (EIN) (see instr.)
E
Business address (including suite or room no.)
City, town or post office, state, and ZIP code
F
Accounting method:
(1)
Cash
(2)
Accrual
(3)
Other (specify)
Yes
No
G
Did you “materially participate” in the operation of this business during 2019? If “No,” see instructions for limit on losses
.
H
If you started or acquired this business during 2019, check here .
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Yes
No
I
Did you make any payments in 2019 that would require you to file Form(s) 1099? (see instructions) .
.
.
.
.
.
.
.
Yes
No
J
If “Yes,” did you or will you file required Forms 1099?
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Part I
Income
1
Gross receipts or sales. See instructions for line 1 and check the box if this income was reported to you on
Form W-2 and the “Statutory employee” box on that form was checked .
.
.
.
.
.
.
.
.
1
2
2
Returns and allowances .
.
.
.
.
.
.
.
.
.
.
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3
3
Subtract line 2 from line 1
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4
Cost of goods sold (from line 42)
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.
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4
5
Gross profit. Subtract line 4 from line 3 .
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
5
6
Other income, including federal and state gasoline or fuel tax credit or refund (see instructions) .
.
.
.
6
7
Gross income. Add lines 5 and 6 .
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
7
Part II
Expenses. Enter expenses for business use of your home only on line 30.
8
Advertising .
.
.
.
.
8
18
Office expense (see instructions)
18
19
Pension and profit-sharing plans
.
19
9
Car and truck expenses (see
instructions) .
.
.
.
.
9
20
Rent or lease (see instructions):
10
Commissions and fees
.
10
a
Vehicles, machinery, and equipment
20a
11
11
b
20b
Contract labor (see instructions)
Other business property
.
.
.
12
12
21
21
Depletion
.
.
.
.
.
Repairs and maintenance .
.
.
13
Depreciation and section 179
22
Supplies (not included in Part III) .
22
expense
deduction
(not
23
Taxes and licenses .
.
.
.
.
23
included in Part III) (see
13
24
Travel and meals:
instructions) .
.
.
.
.
a
24a
Travel .
.
.
.
.
.
.
.
.
14
Employee benefit programs
14
(other than on line 19) .
.
b
Deductible meals (see
15
Insurance (other than health)
15
instructions) .
.
.
.
.
.
.
24b
16
Interest (see instructions):
25
Utilities
.
.
.
.
.
.
.
.
25
a
Mortgage (paid to banks, etc.)
16a
26
Wages (less employment credits) .
26
b
Other
.
.
.
.
.
.
16b
27 a
Other expenses (from line 48) .
.
27a
17
Legal and professional services
17
b
Reserved for future use .
.
.
27b
28
Total expenses before expenses for business use of home. Add lines 8 through 27a .
28
.
.
.
.
.
29
Tentative profit or (loss). Subtract line 28 from line 7 .
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
29
30
Expenses for business use of your home. Do not report these expenses elsewhere. Attach Form 8829
unless using the simplified method (see instructions).
Simplified method filers only: enter the total square footage of: (a) your home:
. Use the Simplified
and (b) the part of your home used for business:
Method Worksheet in the instructions to figure the amount to enter on line 30 .
.
.
.
.
.
.
.
.
30
31
Net profit or (loss). Subtract line 30 from line 29.
}
• If a profit, enter on both Schedule 1 (Form 1040 or 1040-SR), line 3 (or Form 1040-NR, line
31
13) and on Schedule SE, line 2. (If you checked the box on line 1, see instructions). Estates and
trusts, enter on Form 1041, line 3.
• If a loss, you must go to line 32.
}
32
If you have a loss, check the box that describes your investment in this activity (see instructions).
• If you checked 32a, enter the loss on both Schedule 1 (Form 1040 or 1040-SR), line 3 (or
32a
All investment is at risk.
Form 1040-NR, line 13) and on Schedule SE, line 2. (If you checked the box on line 1, see the line
Some investment is not
32b
31 instructions). Estates and trusts, enter on Form 1041, line 3.
at risk.
• If you checked 32b, you must attach Form 6198. Your loss may be limited.
For Paperwork Reduction Act Notice, see the separate instructions.
Cat. No. 11334P
Schedule C (Form 1040 or 1040-SR) 2019
2
Schedule C (Form 1040 or 1040-SR) 2019
Page
Part III
Cost of Goods Sold (see instructions)
33
Method(s) used to
a
b
c
value closing inventory:
Cost
Lower of cost or market
Other (attach explanation)
34
Was there any change in determining quantities, costs, or valuations between opening and closing inventory?
Yes
No
If “Yes,” attach explanation .
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35
Inventory at beginning of year. If different from last year’s closing inventory, attach explanation .
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35
36
36
Purchases less cost of items withdrawn for personal use
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37
Cost of labor. Do not include any amounts paid to yourself .
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37
38
Materials and supplies
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38
39
Other costs .
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39
40
Add lines 35 through 39 .
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40
41
41
Inventory at end of year .
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42
Cost of goods sold. Subtract line 41 from line 40. Enter the result here and on line 4 .
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42
Part IV
Information on Your Vehicle. Complete this part only if you are claiming car or truck expenses on line 9
and are not required to file Form 4562 for this business. See the instructions for line 13 to find out if you must
file Form 4562.
/
/
43
When did you place your vehicle in service for business purposes? (month, day, year)
44
Of the total number of miles you drove your vehicle during 2019, enter the number of miles you used your vehicle for:
Business
b Commuting (see instructions)
c Other
a
Yes
No
45
Was your vehicle available for personal use during off-duty hours?
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Yes
No
46
Do you (or your spouse) have another vehicle available for personal use?.
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Yes
No
47a
Do you have evidence to support your deduction? .
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Yes
No
b
If “Yes,” is the evidence written?
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Part V
Other Expenses. List below business expenses not included on lines 8–26 or line 30.
48
Total other expenses. Enter here and on line 27a .
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48
Schedule C (Form 1040 or 1040-SR) 2019
Page of 2