DIY Products

DIY Products

Whether you’re an experienced do-it-yourselfer or doing your own taxes for the first time, this is your place to learn and share. Here you’ll find information and resources for using H&R Block’s online and software DIY solutions. You’ll also find links to more information to assist you on your DIY journey.

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Pioneer
Posts: 1
Registered: ‎03-20-2018

Self Employed Schedule C

HELP!! I’m doing my taxes with the Self Employeed online Edition. I started my own clothing business last year-using a Schefule C for it.

Where do I put in the Gross Sales/Income amount?
Where do I put my Cost of Goods Sold?(I have seen some say that it’s an expense??)
Where do I put my ending inventory amount??

Thanks!!!
Council Member
Posts: 516
Registered: ‎04-06-2016

Re: Self Employed Schedule C

I'm not sure what you're asking. All of the items you're asking about go on Schedule C. Here are the instructions for Schedule C that will be useful: https://www.irs.gov/pub/irs-pdf/i1040sc.pdf .  I've added detail about each of your questions in blue text below.

 

Karen


@TNgal00wrote:
HELP!! I’m doing my taxes with the Self Employeed online Edition. I started my own clothing business last year-using a Schefule C for it.
I'm more familiar with the Desktop software, but I just poked around the Online software and it looks like to get to the Schedule C it looks like you'll need to answer all of the preliminary questions until you get to a screen that asks you if you need to enter any other income.  It appears that you can do this with the Premium version of the software, so since it's cheaper, I'd start there.  If you need to upgrade to the Self-Employed version, they'll let you know. The Schedule C is under the Business and Partnerships category, under Income in the Federal Section. Choose to "Visit Topic" Self Employed or Business Income.  
It's interesting because in the desktop version, you can actually take a look at the actual forms being filed out when you enter your information and can go in and enter information directly into a lot of the forms. It doesn't look like that's an option in the online version.

Where do I put in the Gross Sales/Income amount?  
Schedule C, Line 1
Where do I put my Cost of Goods Sold?(I have seen some say that it’s an expense??)
Schedule C, Part III-- then gets carried to Line 4
Where do I put my ending inventory amount??
Also, Schedule C, Part III

Thanks!!!

 

Valued Pioneer
Posts: 3
Registered: ‎04-16-2018

Re: Self Employed Schedule C

[ Edited ]

Totally not helpful. I am using the ONLINE edition of "Self Employed" which I was led to believe is something I have to use this 2017. I used to use Deluxe or Premium or something. There is NO mention of COGS, nor inventory, nothing. Where would one enter COGS now? Telling us to put in on schedule C is not helpful because this software just gives lists of things to enter like expenses - there is no "schedule C" to see at all. Unless I'm totally missing something (for 3 hours straight) It's 2am and I can't stand this.

Valued Pioneer
Posts: 3
Registered: ‎04-16-2018

Re: Self Employed Schedule C

[ Edited ]

I found it - in the main part about describing my business, something was not checked there regarding COGS. I was looking under everything BUT that main initial interview where you describe the business.

Council Member
Posts: 516
Registered: ‎04-06-2016

Re: Self Employed Schedule C

I'm glad you figured it out, and am sorry it was so frustrating.  The original post wasn't clear about whether they were asking about where stuff belonged or where to enter it in the program.  Since I'm more familiar with the tax law side of it, rather than the H&R Block software side, that's how I answered.


It seems that careful reading and answering of all questions in the software's interview generally solves a lot of people's problems.  One major drawback I've found to the H&R Block software is that it's not easy to understand what exactly the program is expecting as an answer to a lot of the questions unless you know enough about tax preparation to know the reason it is asking the question.  This can make it quite difficult for people who are just getting started doing their own taxes, or adding something new.  One thing that might be useful when completing a new section is to try to find the IRS instructions for the form you're filling out (if you even know what it is) to reference while completing your taxes in H&R Block. H&R's main rival, while more expensive, does a better job guiding people unfamiliar with their tax return through the tax prep process.

 

Karen