Part V: Other expenses -Any business expenses that don’t fit in the categories listed in Part II and their totals.Part IV: Information on your vehicle -Give information about the vehicles you deduct expenses for in Part II.Part III: Cost of Goods Sold -Add your beginning inventory value to merchandise, wages, and overhead costs, then deduct from the value of your closing inventory to get your COGS.Part II: Expenses -Write off business expenses you paid during the year and deduct them from your gross income to get your net profit or loss.Part I: Income -Total all your income and subtract your cost of goods sold to get your gross income.Informational section -Includes details about your business, including address and identification number.The IRS Schedule C tax form is split into: Whether you’re filling out a Schedule C form for the first or 30th time, getting all the information and records you need early is always a good idea to prepare and file your return faster.īelow is a breakdown of each step necessary to fill out Schedule C, starting with the structure of the form, the information included, and what to include in each section.

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