Schedule C Expenses - Pension and Profit Sharing

Contributions to a pension, profit-sharing, or annuity plan, or plans for the benefit of your employees are pension and profit sharing expenses. If the plan included you as a self-employed person, enter contributions made as an employer on your behalf on Form 1040, not on Schedule C. Generally, you must file the applicable form listed below if you maintain a pension, profit-sharing, or other [...]

Schedule C Expenses - Car and Truck

You can deduct the actual expenses of operating your car or truck or take the standard mileage rate. You must use actual expenses if you used your vehicle for hire (such as a taxicab) or you used five or more vehicles simultaneously in your business (such as in fleet operations). You cannot use actual expenses for a leased vehicle if you previously used the standard mileage rate for that vehicle. [...]

Schedule C - Amortization

Amortization is similar to the straight line method of depreciation in that an annual deduction is allowed to recover certain costs over a fixed time period. You can amortize such items as the costs of starting a business, goodwill, and certain other intangibles. See the instructions for Part VI. For amortization that begins in the tax year, you must complete and attach Form 4562. You can elect [...]

Schedule C - Other Expenses

Include all ordinary and necessary business expenses not deducted elsewhere on on your return. List the type and amount of each expense separately in the space provided. Do not include the cost of business equipment or furniture, replacements or permanent improvements to property, or personal, living, and family expenses. Do not include charitable contributions. Also, you cannot deduct fines or [...]

Schedule C - Inventory

Your inventories can be valued at cost; the lower of cost or market; or any other method approved by the IRS. However, you are required to use cost if you are using the cash method of accounting. If you are changing your method of accounting, refigure last year's closing inventory using your new method of accounting. If there is a difference between last year's closing inventory and the [...]