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correct Schedule C - SCHEDULE c Profit or Loss From...

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Unformatted text preview: SCHEDULE c Profit or Loss From Business Milo-15450074 (Form 1040) (Sole Proprietorship) 20 09 De anmem D, the Treasury " Partnerships, joint ventures, etc, generally must file Form 1065 or 1065-8. Attachment .mgmar Revenue 3.3mm {99) "AflaCh to Form 1 40, 1040NR, or 1041. *See Instructions for Schedule c (Form 1040). Sequence Na 09 Name of proprietor Social security number (SSN) Mark West 234—56—7890 A Principal busmess or profession, Including product or service (see instructions) B Enter code from instructions Welder >332000 C Business name. It no separate busrness name, leave blank. D EmployerlD number (EIN), if any E Business address (including suite or room no.) ’51. 5;} 9591151531 73}; get ___________________________________ City. town or post office, state. and Zchde San Marcos , TX 7 5 6 6 6 F Accounting method: (1) Cash (2) El Accrual (3) [:1 Other (specify) > _______________________ G Did you 'materially participate‘ in the operation of this business during 2009? it ‘No,' see instructions for limit on losses . . . . Yes ! No H If you started or acquired this business durin 2009, check here .............................................................. ’ I 1 Gross receipts or sales. Caution. See the instructions and check the box if: 0 This income was reported to you on Form W-2 and the 'Statutory employee‘ box on that form was checked, or 0 You are a member of a qualified joint venture reporting only rental real estate income not subject >|:| to self-employment tax. Also see instructions for limit on losses .................................. 230 , 000 . 2 Returns and allowances ................................. , ............................................. 3 Subtract line 2 from line 1 .............................................................................. 230 , 000 . 4 Cost of goods sold (from line 42 on page 2) ........................................................... .. . 127‘ , 500 . 5 Gross profit. Subtract line 4 from line 3 ........................................... , ...................... 102 , 500 . 6 Other income, including federal and state gasoline or fuel tax credit or refund {see instructions) ....................................................................................... 7 Gross income. Add lines 5 and 6 ........................................................ . .. ........... 5 102 , 500 . Part II Ex-enses. Enter expenses for business use of your home onl on line 30. 8 Advertising .................... n 18 Office expense ......................... m 9 Car and truck expenses l 19 Pension and profit-sharing plans ......... a (see instructions) .............. 4 , 995 . 20 Rent or lease (see instructions): 10 Commissions and fees ......... m a Vehicles, machinery, and equipment ..... a 11 Contract labor I b Other busmess property ................. m (see instructions) .............. 21 Repairs and maintenance ............... a 12 Depletion ..................... 22 Supplies (not included in Part III) ........ E l, 400 . 13 Depreciation and section 23 Taxes and licenses . , ............ , ...... a 1 4 0 0 0 . 2073i ’73,:53323 (ijrfg’ugrttlciii) 24 Travel, meals, and entertainment: a (see instructions) .............. 13 9, 954 . a Travel ................................. 14 Employee benefit programs a b Deductible meals and entertainment a (other than on line 19) ......... (see instructions) ....................... 15 Insurance (other than health) . , . a 25 Utilities ................................ a 16 Interest: I 26 Wages (less employment credits) ........ a a Mortgage (paid to banks, etc) ........ 163 27 Other expenses (from line 48 on hOther ......................... 4,800. page2) ................................ 27 10,440. 17 Legal & professional services . . . 17 - 28 Total expenses before expenses for business use of home. Add lines 8 through 27 ...................... , . ”E 4 5 , 5 8 9 . 29 Tentative profit or (loss). Subtract line 28 from line 7 ...................................................... m 56, 911 . 30 Expenses for business use of your home. Attach Form 8829 ............................................... m 8 047 . 31 Net profit or (loss). Subtract line 30 from line 29. 0 If a profit, enter on both Form 1040, line 12, and Schedule SE, line 2 or on Form 1040NR, line 13 (if you checked the 00x on line 1. see instructions). Estates and trusts.enteronForm1041,lin23. 31 48,864. 0 If a loss, you must go to line 32. 32 If you have a loss, check the box that describes your investment in this activity (see instructions). 0 If you checked 32a, enter the loss on both Form 1040, line 12, and Schedule SE, line 2, or on Form 1040NR, line 13 (if you checked the law on line 1, see the line 31 instructions). Estates and trusts. enter All investment is on Form 1041, line 3. 32a D at risk. _ W Some Investment 0 If you checked 32b. ou must attach Form 6198. Your loss may be limited. 32b is not at risk. BAA For Paperwork Reduction Act Notice, see Form 1040 instructions. Schedule C (Form 1040) 2009 FDIZOi 12 06l18l09 Schedule C (Form 1040) 2009 Mark West 234-56—7890 Page 2 Part III Cost of Goods Sold (see instructions) 33 Method(s) used to value closrng inventory: a I Cost b D Lower of cost or market c I Other (attach explanation) 34 Was there any change in determining quantities, costs, or valuations between opening and closrng inventory? If 'Yes,‘ attach explanation ............................. . ........................................................... D Yes No 35 Inventory at beginning of year. if different from last year's closing inventory, attach explanation .................... ...., ............................................................ 56, 000 . 36 Purchases less cost of items withdrawn for personal use . ................................................ 120 000 . 37 Cost of labor. Do not Include any amounts paid to yourself ................................................ 38 Materials and supplies ................................................................................. l l , 5 0 0 . 39 Other costs ,,,,,,,,,,,,,, , ............................................................................. 40 Add lines 35 through 39 ................................................................................ 187 , 500 . 41 inventory at end of year ................................................................................ 6O , 000 . 42 Cost ol oods sold. Subtract line 41 from line 40. Enter the result here and on page i, tine 4 ................ 42 127 , 500 . Part W Information on Your Vehicle. Complete this part only if you are claiming car or truck expenses on line 9 and are not reqUIred to fiie Form 4562 for this busrness. See the Instructions for line 13 to find out if you must file Form 4562. 43 When did you place your vehicle in service for business purposes? (month, day, year) .. 44 Of the total number of miles you drove your vehicle during 2009, enter the number of miles you used your vehicle for: a Business ___________ b Commuting (see instructions) ___________ cOther ___________ 45 Was your vehicle available for personal use during off-duty hours? ................................................... D Yes D No 46 Do you (or your spouse) have another vehicle available for personal use? ............................................. El Yes El No 473 Do you have evidence to support your deduction? ................................................................... D Yes [I No b If 'Yes,‘ is the evrdence written? .................................................................................... I Yes I No PM V Other Ex-enses. List below busrness expenses not included on lines 8-26 or line 30. _ngk_k§ep_i_r1g Services L“; _________________ 9 000. 925.1113 es. _Tsl_epb<2n_e ____________________________________________ 1, 200 - _St_1kgs_r;‘tgt_i_og§—_Tl:e_td_e Jou_rnals _ 60. Essex. Eees:eB_Q_ (leakage ssssssssssssss .. v s s . l 8 0 - 48 Total other ex nses. Enter here and on page 1. line 27 .................................................. 48 10 4 4 0 . Schedule C (Form 1040) 2009 FDlZOl 12 06118109 OMB No. 1545-0074 Form 8829 Expenses for Business Use of Your Home > File onty with Schedule C (Form 1040). 2009 Depanmem of [he neasuw Use a separate Form 8829 for each home you used for business during the year. Attachment internal Revenue Servrce (99) " See separate Instructions. Sequence No. 66 Name(s) of proprietor(s) Your social security number Mark West 234—536—7890 Part of Your Home Used for Business Area used regularly and exclusively for business, regutarly for daycare, or for storage of inventory or product samples (see instructions) ...................................................................... 2 Total area of home .................................................................................... 3 Divide line 1 by line 2. Enter the resutt as a percentage .................................................. For daycare lacilities not used exclusively for business go to line 4. All others go to line 7. Multiply days used for daycare during year by hours used per day ............... Total hours available for use during the year (365 days it 24 hours) (see instructions) . . . . . . . . . . . . . Divide line 4 by line 5. Enter the result as a decimal amount .................... 840 6301-33 7 Busrness percentage. For daycare facrllties not used exclusively for business, multiply |ine6 by llne 3 (enter the result as a percentage), All others, enter the amount from line 3 .............................................................. "‘ 2 0 . 0 0 % Part II Figure Your Allowable Deduction 8 Enter the amount from Schedule C, line 29, plus any net gain or (loss) derived from the business use of a your home and shown on Schedule D or Form 4797. if more than one place of business, see instructions ...... 56 , 911 . See instrs for columns (a) and (h) before completing lines 9-21. -_ 9 Casualty losses (see instructions) ................. “—- 10 Deductible mortgage interest (see instructions) . . . . . “—- 11 Real estate taxes (see instructions) ............... "—- 12 Add lines 9. 10, and 11 .......................... E— 13 Multiply line 12, column (d) by line 7 .............. -— 13 14 Add line 12, column (a) and tine 13 ............... -—-— 1, 900 . 15 Subtract line 14 from llne 8. If zero or less, enter -0- ......... -_-—E 55 , 0 1 1 . 16 Excess mortgage interest (see lnstructions) ........ “—- 17 insurance ..................................... .-—- 13 Rent ............................................ [El—- 19 Repairs and maintenance ............ . ........... g 1 , 200 . 20 Utilities ......................................... 21 Other expenses (see instrs) ...................... 22 Addllneslslnroughel .......................... 22 1,200.- 13,200. 23 Multiply llne 22, column (b) by line 7 ......................................... 2 , 64 0 . 24 Carryover of operating expenses from 2008 Form 8829, line 42 ................. 24 25 Add line 22 column (a), line 23, and line 24 ........................................... . .............. 3 , 840 . 26 Allowable operating expenses. Enter the smaller of line 15 or llne 25 .................................................... a 3 , B 4 0 . 27 Limit on excess casualty losses and deprecrateon. Subtract line 26 from line 15 .............................. 51 , 171 . 28 Excesscasualtylosses(seeinstructions)............,., 28 29 Depreciation of your home from line 41 betow ................................. m 2 , 307 . 30 Carryover of excess casualty losses and depreciation from 2008 Form 8829, line 43 ............... 30 31 Add lines 28 through 30 ................................................................................. 2 , 307 . 32 Allowable excess casualty losses and depreciation. Enter the smaller of line 27 or llne 31 ............ . ..................... E 2 , 30 7 . 33 Add lines 14, 2s. and 32 ................................................................................ E a, 047. 34 Casualty loss portion. if any, from lines 14 and 32. Carry amount to Form 4684, Section B ................... a 35 Allowable expenses for business use of your home. Subtract line 34 from line 33. Enter here and on Schedule C, line 30. If our home was used for more than one business, see lnstructlons .................. " 35 8 047 . Part III Depreciation of Your Home 36 Enter the smaller of your home's adjusted basis or its fair market value (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400, 000 . 37 Value of land included on line 36 ..................................... . .................................. 40, 000 . 38 Basis of building. Subtract line 37 from line 36 ............................................................ 360 , 000 . 39 Businessbasisofbuilding.Multiplyline38byline7.......,........................,..................,... 72,000. 40 Depreciation percentage (see instructions) ............................................................... 2 . 5641 % 41 Depreciation allowable (see instructions). Multiply llne 39 by line 40. Enter here and on line 29 above .......... S ee. Attached 41 2 30 7 . Car over of Unallowed Expenses to 2010 42 Operating expenses. Subtract line 26 from line 25. If less than zero, enter -0- ............................... 42 0 . 43 Excess casualty losses and depreciation. Subtract line 32 from line 31. If less than zero, enter -0- ............ 43 0 . BAA For Paperwork Reduction Act Notice, see separate instructions. FDlA5902 0525109 Form 8829 (2009) OMB No. 1545-0172 2009 Attachment Sequence No, 67 Form 4562 Depreciation and Amortization (Including Information on Listed Property) Department of the Treasury internal Revenue Servrce (99) " See 5e arate instructions. > Attach to our tax return. Name(s) srown on return Identifying number Mark & Mary West 234—56—7890 Business 0i actiwty to which this form relates Sch C Welder Part! Election To Expense Certain Property Under Section 179 Note: if you have any listed property, complete Part V before you corn-fete Part 1, 1 Maximum amount. See the instructions for a higher limit for certain businesses ............................. n $250 , 000 . 2 Total cost of section 179 property ptaced in service (see instructions) ,,,,,,,,,,, , ........................... n 3 Threshold cost of section 179 property before reduction in timitation (see instructions) ....................... a $800 , 000 . 4 Reduction in limitation. Subtract line 3 from line 2. If zero or less. enter -0- ................................. n 5 Dollar limitation for tax year. Subtract line 4 from line 1. If zero or less, enter -0-. If married filing separately, see instructions ............................................................................. 5 6 (a) Description of property (13) Cost (business use only) (C) Elected cost 7 Listed property. Enter the amount from line 29 ...................................... l 7 8 Total etected cost of section 179 property. Add ampunts in column (c). lines 6 and 7 ......................... 8 9 Tentative deduction. Enter the smaller of line 5 or line 8 ................................................... n 10 Carryover of disallowed deduction from line 13 of youtr 2008 Form 4562 ..................................... m 11 Business income limitation. Enter the smaller of business income (not less than zero) or line 5 (see instrs) . . . . 12 Section 179 expense deduction. Add lines 9 and 10, but do not enter more than line 11 ...................... 12 7 , 200 . 13 Carryover of disallowed deduction to 2010. Add lines 9 and 10, less line 12 ......... 5‘ 13 Note: Do not use Part it or Part Ill below for listed property. instead, use Part V. -ecial De - reciation Allowance and Other De - reciation Do not include listed 14 SpeCIal depreciation allowance for qualified property (other than listed property) placed in serVIce during the tax year (see instructions) .............................................................................. 15 Property subject to section 168(f)(l) election ............................................................. 16 Other de-reciation (includin- ACRS) ..................................................................... m1]- MACRS De-reciation Do not include listed . (See instructions) Section A 17 MACRS deductions for assets placed in service in tax years beginning before 2009 .......................... 18 If you are electing to group any assets placed in service during the tax year into one or more general asset accounts. check here ...................................................................... 1“ Section B — Assets Ptaced in Service Durin - 2009 Tax Year Usin - the General De -reciation S stem (a) ('3) Month and (C) 33515 10' deDTBCIEUOF‘ (d) (e) (f) (g) DepreCIation C assification of property year placed (busrnessiinvestment use Recovery period Convention Method deduction in service only — see instructions) 19a 3-year property ...,,..... b 5-year property .......... c 7-year property .......... __-_ d 10-year property ......... ——_— e 15-year property ......... ——_— f 20-year property ......... _—_— g 25. ear unroert ......... _-_— property ................. 27 _ 5 rs MM S/L i Nonresidential real 39 rs MM S/L property ................. MM S /L Section C — Assets Placed in Service Durin . 2009 Tax Year Usin - the Alternative De - reciation 5 Stem 20a Class life ................ b 12- ear ................. c40- ear. Part IV Summa (See instructions.) 21 Listed property. Enter amount from line 28 ............................................................. 22 Total. Add amounts from line 12, lines 14 through 17, lines 19 and 20 in column (9), and line 21. Enter here and on the appropriate lines of your return. Partnerships and S corporations — see instructions .................................... 23 For assets shown above and placed in service during the current year, enter the portion of the basrs attributable to section 263A costs ........................ BAA For Paperwork Reduction Act Notice, see separate instructions. FDIZOBtZ o7io7ios Form 4562 (2009) Form 4562 (2009) Mark & Mar West 234—56—7890 Page2 P_art V_ Listed Progeny (Include automobiles, certain other vehicles, cellular telephones, certain computers, and property used for entertainmen recreation, or amusement) Note: For any vehicle for which you are using the standard mileage rate or deducting lease expense, complete only 24a, 24b. columns (a) through (c) of Section A, all of Section B, and Section C if applicable. Section A — De - reciation and Other Information (Caution: See the instructions for limits for passenger automobiles. 243 Do you have evidence to support the business/investment use claimed? .......... Yes I No 24!: If 'Yes,’ Is the evidence written? . . . . . . (a) (b) Buggy (d) (e) (D (9) (i) T e of re ert (list Date laced Cost or BaSistor deprecration Recovery Methodl Depreciation E'ECted ypvehigespfirst) in seprvrce investment other basis (bUSWBSSJIWeSimenl period Convention deduction section 179 “53 use only) cost percentage 25 Special depreciation allowance for qualified listed property placed in service during the tax year and used more than 50% in a ualified business use (see instructions) .................................. 26 Pro-ert used more than 50% in a nualified business use: 2009 Pick-Up Truck 03/29/09 Section B — lnlormation on Use of Vehicles Complete this section for vehicles used by a sole proprietor, partner, or other ‘more than 5% owner,‘ or related person. If you provided vehicles to your employees, first answer the questions in Section C to see if yOu meet an exception( to )(completing this section for those vehicles 30 Total busmesslinvestment miles driven during the year (do not include commuting miles) ......................... 31 Total commuting miles driven during the year ......... 32 Total...
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