Self-employed individuals must file Schedule C along with Form 1040 to report their income and business-related expenses for the year. You cannot directly create a Schedule C in QuickBooks, but you can print a report that shows the relevant information you will need to file it on your own. Use QuickBooks' tax line assignment feature to track the income and expenses that need to be reported on Schedule C.
Setting up the Accounts
Select the "Company" menu and choose the "Company Information" option. Input the tax year for which you will be reporting in this section and choose "Form 1040" so the program will track the proper accounts. To set up the tax allocations for the individual general ledger accounts, select "Chart of Accounts" from the "Company" menu. Hover over the account you wish to edit, and press the right mouse button to open the pop-up menu. Choose "Edit Account" and you will see a drop-down box that gives you a variety of tax line reporting options.
Creating a Report
Open the "Reports" menu and choose "Income Tax Summary" from the "Accountant and Taxes" section. Double-click the "Gross Receipts or Sales" line on the report. Choose "modify report" and check the "Debit or Credit" box near the bottom of the list to instruct QuickBooks to print out the totals of your income and expenses for the tax year. Print the report and use the information to complete your Schedule C according to the instructions that accompany the form.
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