Get 2012 Instruction 1040 Schedule C - Internal Revenue Service - Taxhow

This guide provides clear, step-by-step instructions on how to fill out the 2012 Instruction 1040 Schedule C form online. Designed for both experienced users and those new to tax forms, this resource aims to simplify the process of reporting income or loss from a sole proprietorship.

Follow the steps to successfully complete your Schedule C online.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Complete the identification information: Enter the owner’s name as shown on the PA tax return, followed by the owner's Social Security Number.
3. Provide the business details: Fill in the business name and address, including city, state, and ZIP code.
4. Indicate the main business activity by describing it and providing the appropriate NAICS code.
5. Specify the federal Employer Identification Number if applicable and enter the sales tax license number if you have one.
6. Select the method used for valuing closing inventory and the accounting method, marking the appropriate ovals.
7. Answer questions regarding inventory changes, deductions for office use at home, and whether the business is out of existence.
8. In Part I, report all income: Start with gross receipts or sales, subtract returns and allowances, and calculate the balance.
9. Compute the cost of goods sold and total income, adding other income sources if applicable.
10. In Part II, list all business expenses: Fill out each deduction line with accurate figures and total all expenses.
11. Calculate net profit or loss by subtracting total adjusted expenses from total income.
12. Review the form for accuracy and completeness before saving your changes, downloading, or printing the completed form.

Complete your 2012 Schedule C online to ensure accurate reporting of your business income.