If you're a sole proprietor doing business in the U.S., you're required to file an IRS Form Schedule C along with your personal taxes (Form 1040). This tax form reports the profit/loss earned through your business.
WorkingPoint's Schedule C Report helps you prepare the IRS Form Schedule C by tracking the business activity you record in applicable accounts according to standard IRS tax categories on the IRS Form Schedule C, in addition to your regular accounting categories. WorkingPoint has assigned reporting categories to our pre-defined set of accounts but you can change them. If you add new Revenue, Expense or Cost of Sales accounts and the activity you plan to record in those accounts is tax-related, select the Schedule C Reporting Category you would like the entries to be reported on. If the activity in the account isn't tax-related, select "None" and the activity in that account won't be reflected on the Schedule C report.
The WorkingPoint Schedule C Report is an accrual-basis report and may include revenue and expenses not yet collected or paid.
For specific information on completing the Schedule C form, visit the IRS website.
Important Note: The WorkingPoint Schedule C reports only the activity you have entered into your WorkingPoint account based on tax line assignments you have selected. It is highly recommended that you review your tax line assignments and current tax rules with your tax advisor and make adjustments to line amounts before you file your final tax form.
About Schedule C Reporting Categories
How do I read the Schedule C report?
How do I view the Schedule C report?
How do I assign an account to a Schedule C category?