Schedule C

Profit or Loss From Business (Sole Proprietorship) · 2025

Every line is explained below in plain English — click any line to see what it means, who needs to fill it in, and what people commonly overlook.

Income

1 Gross Receipts or Sales The total amount your business received from selling products or services before subtracting any expenses, returns, or cost of goods sold.
2 Returns and Allowances The total amount of refunds, returns, rebates, and allowances you gave to customers during the year. This reduces your gross receipts on line 1.
3 Line 1 Minus Line 2 A simple calculation: line 1 (gross receipts) minus line 2 (returns and allowances).
4 Cost of Goods Sold The direct cost of the products you sold during the year.
5 Gross Profit Line 3 minus line 4. This is your revenue after subtracting returns and the direct cost of products you sold.
6 Other Income Business income that does not come from selling your main products or services.
7 Gross Income The sum of line 5 (gross profit) and line 6 (other income). This is your total business income before any business expenses are subtracted.

Expenses

Cost of Goods Sold

Vehicle Information

Other Expenses

48 Other Expenses List The itemized list and total of all business expenses that do not fit into the named categories on lines 8-26.