Trusted by millions: Based on the millions of unique users that have filed with TaxSlayer.. Trustpilot: Learn more about TaxSlayer’s TrustScore and how customers rate TaxSlayer /review/taxslayer. Actual prices are determined at the time of print or e-file and are subject to change without notice.Īverage federal refund: According to the IRS the average refund was $3,536 as of. Simply Free ($0 federal for simple tax returns and $0 state) is only available for those with a qualifying tax situation offer may change or end at any time without notice. Start for free: TaxSlayer pricing is based on your tax situation and the type of support you want and varies by product. What do the Expense entries on the Schedule C mean?.This information is carried to the Schedule C Part I: This can include income such as compensation from punitive damages, insurance payments for lost income, and certain kickbacks. Other Income- Income that is derived from business activity but does not fit any of the categories mentioned above. Amounts entered as Returns and Allowances will directly reduce the amount of income subject to Self-Employment tax. This also includes amounts you discounted from the fair market value of your services or product. Returns and Allowances- Amount of credit or allowances you provided customers for returned products. You can read more about who is classified as a statutory employee here. Statutory Employee Income- Income reported via W-2 for work you performed as a statutory employee. (Amounts reported from Form 1099-K or in box 7 of your 1099-Misc will carry to your Schedule C as Gross Income). Gross Income- Income recognized from services provided. Schedule C allows for multiple income allocation types when reporting your earnings. Below that is the explanation for each entry box. Each section reports important information about your income and deductions. The IRS divides the Schedule C into five parts.
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