Income Statement
Scott Butterfield, CPA Income Statement 12/31/2019
	Current Period			Prior Period
	1/1/2019 to 12/31/2019			1/1/2018 to 12/31/2018
REVENUES
Tax Services	$151,600			$72,154
Accounting Services	15,160			50,256
Other Consulting Services	33,352			7,690
TOTAL REVENUES	200,112			130,100
COST OF SERVICES
Salaries	30,320			29,400
Payroll Taxes	2,387			2,275
Supplies	300			1,225
TOTAL COST OF SERVICES	33,007			32,900
GROSS PROFIT (LOSS)	167,105			97,200
OPERATING EXPENSES
Advertising and Promotion	2,000
Business Licenses and Permits	620			250
Charitable Contributions	450			250
Continuing Education	1,500
Dues and Subscriptions	1,640			3,500
Insurance	9,096			870
Meals and Entertainment	6,822			5,400
Office Expense	3,032
Postage and Delivery	85
Printing and Reproduction	1,516
Office Rent	4,548			13,800
Travel	6,064			750
Utilities	1,819			2,724
TOTAL OPERATING EXPENSES	39,142			27,544
NET INCOME (LOSS)	$127,963			$69,656

Part II

Expenses. Enter expenses for business use of your home only on line 30.

8

Advertising . . . . . . . . . . .

8

18

Office expense (see instructions) . .

18

9

Car and truck expenses (see

19

Pension and profit-sharing plans . . .

19

instructions). . . . . . . . . . . .

9

20

Rent or lease (see instructions): . . . .

10

Commissions and fees . . . . .

10

a

Vehicles, machinery, and equipment . .

20a

11

Contract labor (see instructions)

11

b

Other business property . . . . . . . . . .

20b

12

Depletion . . . . . . . . . . . .

12

21

Repairs and maintenance . . . . . . . . .

21

13

Depreciation and section 179

22

Supplies (not included in Part III) . . .

22

expense deduction (not included in Part III)

23

Taxes and licenses . . . . . . . . . . . . .

23

(see instructions) . . .

13

24

Travel and meals:

14

Employee benefit programs

a

Travel. . . . . . . . . . . . . . . . . . . . .

24a

(other than on line 19) . . . . .

14

b

Deductible meals

15

Insurance (other than health)

15

(see instructions) . . . .

24b

16

Interest (see instructions):

25

Utilities . . . . . . . . . . . . . . . . . . . .

25

a

Mortgage (paid to banks, etc.)

16a

26

Wages (less employment credits) . . .

26

b

Other . . . . . . . . . . . . . . . .

16b

27a

Other expenses (from line 48) . . . . . .

27a

17

Legal and professional services

17

b

Reserved for future use . . . . . . .

27b

28

Total expenses before expenses for business use of home. Add lines 8 through 27a . . . . . . . . . . . . .

28

29

Tentative profit or (loss). Subtract line 28 from line 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

29

30

Expenses for business use of your home. Do not report these expenses elsewhere. Attach Form 8829 unless using the simplified method (see instructions). Simplified method filers only: enter the total square footage of: (a) your home: _____________ and (b) the part of your home used for business: _____________Use the Simplified Method Worksheet in the instructions to figure the amount to enter on line 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

30

31

Net profit or (loss). Subtract line 30 from line 29.

If a profit, enter on both Schedule 1 (Form 1040 or 1040-SR), line 3 (or Form 1040-NR, line 13) and on Schedule SE, line 2. (If you checked the box on line 1, see instructions). Estates and trusts, enter on Form 1041, line 3.	}
If a loss, you must go to line 32.

31

32	If you have a loss, check the box that describes your investment in this activity (see instructions). If you checked 32a, enter the loss on both Schedule 1 (Form 1040 or 1040-SR), line 3 (or Form 1040-NR, line 13) and on Schedule SE, line 2. (If you checked the box on line 1, see the line 31 instructions). Estates and trusts, enter on Form 1041, line 3. If you checked 32b, you must attach Form 6198. Your loss may be limited.	}	32a All investment is at risk.
			32b Some investment is not at risk.

For Paperwork Reduction Act Notice, see the separate instructions.

Cat. No. 11334P

Schedule C (Form 1040 or 1040-SR) 2019