The Schedule C report for sole proprietors

There is a completely different tax form for sole proprietors, and it is called Schedule C. If your business is an LLC and you are the only member, well, you too are taxed on your Schedule C, and this report may be a huge help for you. The Schedule C report in Xero is available as a report template. You remember them, right? We just covered report templates in Chapter 17.

Head over to the report templates by clicking on Accounting, then Reports, and selecting the Advisor tab.

Figure 18.7: Advisor reports menu

Select the Schedule C report; in this case, 2022 Schedule C. Recall from Chapter 17, how to map the chart of accounts to the reporting code to generate the report from the template.

Figure 18.8: Schedule C report template contents

You can see from Figure 18.8 that the Schedule C template has four components: the disclosure, which you can see in the preceding figure, the Schedule...