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
  • Social security number field contains 465-00-0001
  • A. Principal business or profession, including product or service (see page C-1 of the instructions) field contains Tax Preparation Services
  • B. Enter code from pages C-7, 8, & 9 field contains 541213
  • C. Business name. If no separate business name, leave blank. field contains Stephens Tax Service
  • E. Business address (including suite or room number) field contains 821 Union Street
  • City, town or post office, state, and ZIP code field contains Hometown, Iowa 52761
  • F. Accounting method: (1) Cash checkbox checked
  • 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
  • Under Part I: Income:
  • 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
  • 2. Returns and allowances field contains 0
  • 3. Subtract line 2 from line 1 field contains 34,280
  • 4. Cost of goods sold (from line 42 on page 2) field contains 0
  • 5. Gross profit. Subtract line 4 from line 3 field contains 34,280
  • 6. Other income, including Federal and state gasoline or fuel tax credit or refund (see page C-3) field contains 0
  • 7. Gross income. Add lines 5 and 6 field contains 34,280
  • Under Part II: Expenses. Enter expenses for business use of your home only on line 30:
  • 8. Advertising field contains 250
  • 9. Car and truck expenses (see page C-3) field contains 1,266
  • 13. Depreciation and section 179 expense deduction (not included in Part III) (see page C-4)field contains 3,879
  • 15. Insurance (other than health) field contains 750
  • 16b. Interest: other field contains 200
  • 17. Legal and professional services field contains 350
  • 18. Office expense field contains 600
  • 22. Supplies (not included in Part III) field contains 253
  • 24a. Travel, meals, and entertainment: Travel field contains 310
  • 24b. Travel, meals, and entertainment: Meals and entertainment field contains 256
  • 25. Utilitiesfield contains 347
  • 27. Other expenses (from line 48 on page 2) field contains 267
  • 28. Total expenses before expenses for business use of home. Add lines 8 through 27 in columns field contains 8,728
  • 29. Tentative profit (loss). Subtract line 28 from line 7 field contains 25,552
  • 30. Expenses for business use of your home. Attach Form 8829field contains 1,481
  • 31. Net profit or (loss). Subtract line 30 from line 29. field contains 24,071

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