Enter business income (Schedule C)
- Click the Planning tab.
- Click the Tax Center button.
- Click Show Tax Planner.
- On the left side of the page, select Business Income.
- In the Business Income or Loss - Schedule C page, in the Revenue, field, enter gross receipts or sales from all sole proprietorships.
- In the Cost of Goods Sold field, enter the cost of goods sold.
Tell me moreThe typical formula for recalculating cost of goods sold is beginning inventory plus purchases plus materials and supplies plus labor less ending inventory.
- In the Meals/Entertainment Expense field, enter your total meal and entertainment expense (100 percent).
- Tell me moreQuicken automatically calculates the deductible portion of meals and entertainment expenses (currently 50 percent).
- In the Deductible Business Mileage field, enter the value of the Schedule C and Schedule E mileage that you can deduct as a business expense.
- Tell me more
If you've purchased Quicken Home & Business, Quicken prefills the amount with the Schedule C and Schedule E mileage values you've added in the Vehicle Mileage Tracker. Otherwise, you need to manually calculate this value and enter it yourself. Mileage rate information is available on the IRS website.
If you paid parking and tolls as part of a trip, you should add the total amount paid to the final number (Quicken doesn't include this value for you).
- In the Other Allowable Expenses field, enter all expenses for sole proprietorships on this line (except meals and entertainment).
- Tell me moreYou may need to compute some expenses, such as depreciation, manually, and then add them to expenses.
- In the Unspecified Business Expenses field, Quicken displays the value of the business transactions you've flagged as potentially tax deductible. You should resolve the status of these transactions to help make sure you get the maximum tax deduction for your business.
- In the Exp. for Business Use of Home field, if you work out of your home, enter the amount in home costs that you can deduct as a business expense.
- Tell me moreDetermine this amount with the help of your tax professional.
Notes
- You should enter Schedule C information if you:
- Operated a business or practiced a profession as a sole proprietorship during the year.
- Had more than one business, or if you and your spouse had separate businesses. In these cases, the IRS requires you to complete separate Schedule C forms for each business when you file your tax returns.
- Depreciation can be complex to compute. Check your IRS Schedule C publications or consult a tax professional for information about calculating depreciation.
- Quicken Home & Business uses cash-basis reporting by default. However, Quicken Home & Business also supports accrual-basis reporting for this and other business reports.