Step-by-Step Guide
Step 1: Gather Business Information 🗂️
Collect all necessary business records, including income, expenses, and business deductions.
Ensure the taxpayer has documentation for gross receipts, cost of goods sold, and any business-related expenses (e.g., supplies, rent, utilities).
Step 2: Add Schedule C in TaxWise 🖥️
To start with, click on the "+" button to add a Sch C.
Type in "SCH C" then add the form by clicking the "+" button.
Enter the business details using the information on the right, and search on Google for the business code you need to fill out all the information.
Proceed with entering all other information using the data on the right screen.
For the accounting method, it is usually set to CASH.
A series of questions will be answered with YES or NO. For this example, we will select YES, as it is usually YES in this case.
For this example, we will select NO, as it is usually NO in this case.
Enter
Enter all the expenses provided by the taxpayer for their business.
Continue going down the list and entering all expenses.
Finally, it's done!
Step 3: Review for Accuracy ✅
Double-check that all income and expenses are correctly entered, and ensure that deductions for business-related costs are legitimate and supported by documentation.
Review for any eligible credits or additional deductions that may apply to the business.
Step 4: Finalize and Submit 📤
After reviewing all details, ensure that Schedule C is properly filled out with correct business information.
Submit the return once everything is accurate, ensuring that business profits or losses are correctly reflected on the return.
By correctly adding Schedule C in TaxWise, you ensure that the self-employed taxpayer’s business income and deductions are reported accurately, maximizing their potential tax benefits. 🚀
Here's a step-by-step guide on how to enter Sch C in Taxwise;