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To complete Schedule C, you need records of the income your business received and the cost of goods sold. You must list your business expenses; these include things like rent, utilities, insurance, taxes and depreciation.Who's required to fill out a Schedule C IRS Form?
Anyone who operates a business as a sole proprietor must fill out Schedule C when filing his or her annual tax return. IRS form Schedule C accompanies the main tax return form, 1040, for taxpayers who must report a profit or loss from their business.What is line 26 on Schedule C?
The purpose of Schedule C, Line 26 is to deduct employee compensation. The IRS has labeled this line "Wages", but employee compensation includes not only wages paid to hourly employees, but also salaries, commissions and bonuses paid to employees.