Publication 587 |
2008 Tax Year |
Schedule C (Form 1040) Profit or Loss from Business 2007. Summary: This is a sample of the 2007 Schedule C (Form 1040) with line items included as described in the text. Additionally,
the following
line items are included:
“Name of proprietor” field contains John Stephens
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“Social security number” field contains 465-00-0001
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“A. Principal business or profession, including product or service (see page C-1 of the instructions)” field contains Tax Preparation
Services
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“B. Enter code from pages C-7, 8, & 9” field contains 541213
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“C. Business name. If no separate business name, leave blank.” field contains Stephens Tax Service
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“E. Business address (including suite or room number)” field contains 821 Union Street
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“City, town or post office, state, and ZIP code” field contains Hometown, Iowa 52761
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“F. Accounting method: (1) Cash” checkbox checked
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“G. Did you materially participate in the operation of this business during 2007? If No, see page C-3 for limit on losses:
Yes”
checkbox checked
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Under
“Part I: Income”:
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“1. Gross receipts or sales. Caution. If this income was reported to you on Form W-2 and the Statutory employee box on that
form was checked,
see page C-3 and check here” field contains 34,280
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“2. Returns and allowances” field contains 0
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“3. Subtract line 2 from line 1” field contains 34,280
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“4. Cost of goods sold (from line 42 on page 2)” field contains 0
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“5. Gross profit. Subtract line 4 from line 3” field contains 34,280
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“6. Other income, including Federal and state gasoline or fuel tax credit or refund (see page C-3)” field contains 0
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“7. Gross income. Add lines 5 and 6” field contains 34,280
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Under
“Part II: Expenses. Enter expenses for business use of your home only on line 30”:
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“8. Advertising” field contains 250
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“9. Car and truck expenses (see page C-3)” field contains 1,266
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“13. Depreciation and section 179 expense deduction (not included in Part III) (see page C-4)”field contains 3,879
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“15. Insurance (other than health)” field contains 750
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“16b. Interest: other” field contains 200
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“17. Legal and professional services” field contains 350
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“18. Office expense” field contains 600
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“22. Supplies (not included in Part III)” field contains 253
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“24a. Travel, meals, and entertainment: Travel” field contains 310
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“24b. Travel, meals, and entertainment: Meals and entertainment” field contains 256
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“25. Utilities”field contains 347
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“27. Other expenses (from line 48 on page 2)” field contains 267
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“28. Total expenses before expenses for business use of home. Add lines 8 through 27 in columns” field contains 8,728
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“29. Tentative profit (loss). Subtract line 28 from line 7” field contains 25,552
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“30. Expenses for business use of your home. Attach Form 8829”field contains 1,481
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“31. Net profit or (loss). Subtract line 30 from line 29.” field contains
24,071
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