This tool calculates the taxes for a small business.
The blue fields are computed from the information you provide. The green fields are where you enter information. The first column shows where the information can be found in the tax return. Click this link for more help with this tool.
The net profit for a small business is calculated on Schedule C as shown in the formula below. This, in turn, shows the infomation that is needed to calculate the taxes for the small business.
Gross Profit
= Sales or Reciepts - Returns and Allowances - Cost of Goods Sold
Gross Income
= Gross Profit + Other Income
Net Profit
= Gross Income - Total Expenses - Business Use of Home Expenses
1040 S1, line 3
Net Profit from Business
0
1040 S2, line 4
Self-employment Tax
0
1040, line 13a
Qualified Business Income Deduction
0
1040 S1, line 15
Self-employment Tax Adjustment
0
Not Used
Net profit after SEHI
0
1040 S1, line 17
Self-employed Health Insurance Adjustment
0
Sched a, line 1
Medical Insurance Itemized Deduction
0
Sched C, line 1
Sales or Reciepts
Sched C, line 2
Returns and Allowances
Sched C, line 4
Cost of Goods Sold
Sched C, line 6
Other Income
Sched C, line 30
Business Use of Home Expenses
Sched C, line 7
Gross Income
0
Sched C, line 8
Advertising
Sched C, line 9
Car and Truck
Sched C, line 9
Car and Truck Miles
Sched C, line 10
Commissions and Fees
Sched C, line 11
Contract Labor
Sched C, line 12
Depletion
Sched C, line 13
Depreciation
Sched C, line 14
Employee Benefit Programs
Sched C, line 15
Insurance
Sched C, line 16
Interest
Sched C, line 17
Legal and Professional Services
Medical Insurance
Sched C, line 18
Office Expenses
Sched C, line 19
Pension and Profit Sharing Plans
Sched C, line 20
Rent or Lease
Sched C, line 21
Repairs and Maintenance
Sched C, line 22
Supplies
Sched C, line 23
Taxes and Licenses
Sched C, line 24
Travel and Meals
Sched C, line 25
Utilities
Sched C, line 26
Wages
Sched C, line 27
Other Expenses
Sched C, line 28
Total Expenses
0