Get West & West Accounting Worksheet For Schedule C - Profit Or Loss From Business 2022-2025

Filling out the West & West Accounting Worksheet for Schedule C is an essential step for business owners to report income or loss. This guide will provide clear, step-by-step instructions to help you accurately complete the worksheet online.

Follow the steps to fill out the West & West Accounting Worksheet for Schedule C online.

1. Click ‘Get Form’ button to obtain the worksheet and open it in the editor.
2. Enter your proprietor name and indicate if this is a new business by selecting ‘Yes’.
3. Provide your principal business and business name (if applicable), and ensure to include the business address if it differs from your home address.
4. Fill in your Employer Identification Number (EIN) if you have one and select the method of accounting being used: cash, accrual, or other.
5. Complete the income section by entering your gross receipts or sales and accounting for any returns, refunds, or discounts.
6. Calculate the cost of goods sold (COGS) by entering the beginning inventory, purchases, cost of labor, materials, and other costs, then subtract the ending inventory.
7. Move to the gross profit section, where you will sum the gross receipts and other income to find the gross income.
8. In the expenses section, fill out various expenses including advertising, car/truck expenses, and contract labor. Ensure each field is accurately filled.
9. Complete entries for equipment depreciation and vehicle information along with any other necessary details.
10. Summarize total other expenses, noting any applicable home office expenses if you work from home.
11. After fully completing the form, review for accuracy and ensure all fields are filled out appropriately.
12. Finally, save your changes, download, print, or share the completed worksheet as needed.

Start completing your West & West Accounting Worksheet for Schedule C online today.