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create a schedule C directly no
but if you organize the chart of accounts to match the schedule C, then the P&L will make it easy to transfer the numbers
Thank you this is my first time doing taxes as a single member llc and it is nerve wracking trying to figure all the details out.
So basically I just need to run a P&L from 1/18 - 12/18 and copy everything over. Are there any other reports I need to refer to as well for lines on a schedule C?
Thanks again!
Hello, Matt86.
The Schedule C form allows you to report the income you've generated or lost in your business to the IRS. You can get this information in the Profit and Loss report. You no longer need to open other reports.
As what Rustler provided, if you've organized the chart of accounts to match the schedule C, then the report will provide you the correct numbers.
Get back to us if you need more help. Have a good day!
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