![]() Inventory count and valuation as of the end of the tax year: For businesses that sell items, you'll need to determine the cost of the goods that you sold during the tax year.If you need bookkeeping software to generate your P&L report, see our guide to the best accounting software for sole proprietors and freelancers. This can be located on the IRS notice that you receive after submitting your Form SS-4, the Application for Employer Identification Number. Your EIN: If you have a separate EIN for your business, you must include it on your Schedule C.The IRS's instructions for Schedule C: Our article explains how to complete your Schedule C, but the form instructions are handy for identifying the Principal Business or Professional Activity code for your business. ![]() Here are the five things you'll need to complete the form: If this isn't your first year filing Schedule C, have your prior Schedule C available as it will provide a lot of the required information. ![]() You'll also want to have your general business information ready, like your employer ID number (EIN) if you have one. No matter how that you compile your income and deductions, a few simple bookkeeping tips can make the process much easier. Step 1: Gather the Necessary Business InformationÄ«efore filling out your Schedule C, you need to prepare your P&L report for the prior year. Your 2022 Schedule C is due on or before April 18, 2023.Äownload this IRS Schedule C Form and follow along as we walk through the steps on how to fill out Schedule C for your sole proprietorship or single-member LLC.
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