Form 1040 Schedule C
Description:
Schedule C is an IRS tax form used to report income or loss from a business that is operated as a sole proprietorship. It is used by taxpayers who own and operate their own business and are not incorporated.
The type parameter is form_1040_schedule_c for the Upload endpoint.
Fields supported by Docsumo
Note:
To customise fields for extraction, please contact Customer Success Management (CSM) Team
Basic Information
| Field Name | Data Type | Field Description |
|---|---|---|
| Basic Information___Name | String | Name as shown on Form 1040 Schedule C |
| Basic Information___Profession | String | Line A Principal business or profession, including product or service |
| Basic Information___Business Name | String | Business Name as mentioned on Form 1040 Schedule C |
| Basic Information___Business Address | String | Business Address as mentioned on Form 1040 Schedule C |
| Basic Information___Code | String | Line B Enter code from instructions |
| Basic Information___EIN | String | Line D Employer ID number (EIN) |
| Basic Information___Accounting Method | String | Line F Accounting method as mentioned in Form 1040 Schedule C |
| Basic Information___Form | String | Form number mentioned at bottom right of Form 1040 Schedule C | Basic Information___OMB No | String | OMB no mentioned at top right of Form 1040 Schedule C |
Part 1
| Field Name | Data Type | Field Description |
|---|---|---|
| Part 1___1 | String | Line 1 - Gross receipts or sales |
| Part 1___2 | String | Line 2 - Returns and allowances |
| Part 1___3 | String | Line 3 - Subtract line 2 from line 1 |
| Part 1___4 | String | Line 4 -Cost of goods sold (from line 42) |
| Part 1___5 | String | Line 5 - Gross profit. Subtract line 4 from line 3 |
| Part 1___6 | String | Line 6 - Other income, including federal and state gasoline or fuel tax credit or refund |
| Part 1___7 | String | Line 7 - Gross income. Add lines 5 and 6 |
Part 2
| Field Name | Data Type | Field Description |
|---|---|---|
| Part 2___8 | String | Line 8 -Advertising |
| Part 2___9 | String | Line 9 - Car and truck expenses |
| Part 2___10 | String | Line 10 -Commissions and fees |
| Part 2___11 | String | Line 11 - Contract labor |
| Part 2___12 | String | Line 12 - Depletion |
| Part 2___13 | String | Line 13 - Depreciation and section 179 expense deduction (not included in Part III) |
| Part 2___14 | String | Line 14 - Employee benefit programs (other than on line 19) |
| Part 2___15 | String | Line 15 - Insurance (other than health) |
| Part 2___16a | String | Line 16a - Mortgage (paid to banks, etc.) |
| Part 2___16b | String | Line b - Other |
| Part 2___17 | String | Line 17 -Legal and professional services |
| Part 2___18 | String | Line 18 - Office expense |
| Part 2___19 | String | Line 19 - Pension and profit-sharing plans |
| Part 2___20a | String | Line 20a -Vehicles, machinery, and equipment |
| Part 2___20b | String | Line 20b - Other business property |
| Part 2___21 | String | Line 21 - Repairs and maintenance |
| Part 2___22 | String | Line 22 - Supplies (not included in Part III) |
| Part 2___23 | String | Line 23 - Taxes and licenses |
| Part 2___24a | String | Line 24a -Travel |
| Part 2___24b | String | Line 24b - Deductible meals |
| Part 2___25 | String | Line 25 - Utilities |
| Part 2___26 | String | Line 23 - Wages (less employment credits) |
| Part 2___27a | String | Line 27a - Other expenses (from line 48) |
| Part 2___27b | String | Line 27b - Reserved for future use |
| Part 2___28 | String | Line 28 - Total expenses before expenses for business use of home. Add lines 8 through 27a |
| Part 2___29 | String | Line 29 - Tentative profit or (loss). Subtract line 28 from line 7 |
| Part 2___30 | String | Line 30 -Expenses for business use of your home. |
| Part 2___31 | String | Line 31 - Net profit or (loss). Subtract line 30 from line 29. |
| Part 2___32a | String | Line 32a -All investment is at risk. |
| Part 2___32b | String | Line 32b - Some investment is not at risk. |
Part 3
| Field Name | Data Type | Field Description |
|---|---|---|
| Part 3___33_a | String | Line 33_a - Method(s) used to value closing inventory: Cost |
| Part 3___33_b | String | Line 33_b - Method(s) used to value closing inventory: Lower of cost or market |
| Part 3___33_c | String | Line 33_c - Method(s) used to value closing inventory: Other (attach explanation) |
| Part 3___34 | String | Line 34 - Was there any change in determining quantities, costs, or valuations between opening and closing inventory? |
| Part 3___35 | String | Line 35 - Inventory at beginning of year. If different from last year’s closing inventory, attach explanation |
| Part 3___36 | String | Line 36 -Purchases less cost of items withdrawn for personal use |
| Part 3___37 | String | Line 37 - Cost of labor. Do not include any amounts paid to yourself |
| Part 3___38 | String | Line 38 -Materials and supplies |
| Part 3___39 | String | Line 39 - Other costs |
| Part 3___40 | String | Line 40 - Add lines 35 through 39 |
| Part 3___41 | String | Line 41 -Inventory at end of year |
| Part 3___42 | String | Line 42 -Cost of goods sold. Subtract line 41 from line 40. Enter the result here and on line 4 |
Part 4
| Field Name | Data Type | Field Description |
|---|---|---|
| Part 4___43 | String | Line 43 - When did you place your vehicle in service for business purposes? (month/day/year) |
| Part 4___44_a | String | Line 44a - Business as shown in form |
| Part 4___44_b | String | Line 44b - Commuting (see instructions) as shown in form |
| Part 4___44_c | String | Line 44c - Other as shown in form |
| Part 4___45 | String | Line 45 - Was your vehicle available for personal use during off-duty hours? |
| Part 4___46 | String | Line 46 - Do you (or your spouse) have another vehicle available for personal use? |
| Part 4___47a | String | Line 47a - Do you have evidence to support your deduction? |
| Part 4___47_b | String | Line 47b - f “Yes,” is the evidence written? |
Part 5
| Field Name | Data Type | Field Description |
|---|---|---|
| Part 5___48 | String | Line 48 -Total other expenses. Enter here and on line 27a |
Sample Form
Json output by Docsumo
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"Business Name": {
"value": "Sentia Perp Ltd",
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"Business Address": {
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"EIN": {
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}
]
Updated 5 months ago