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Massachusetts Profit or Loss from Business
Extracted from PDF file 2023-massachusetts-schedule-c.pdf, last modified February 2023Profit or Loss from Business
Ovals must be filled in completely. Example: If any line shows a loss, mark an X in box at left of the line. Schedule C Massachusetts Profit or Loss from Business FIRST NAME 2023 M.I. LAST NAME SOCIAL SECURITY NUMBER OF PROPRIETOR BUSINESS NAME EMPLOYER IDENTIFICATION NUMBER(if any) MAIN BUSINESS OR PROFESSION, INCLUDING PRODUCT OR SERVICE PRINCIPAL BUSINESS CODE (from U.S. Schedule C) MAILING ADDRESS (no. & street; apt./suite/postal box). If you have a foreign address, also complete line below. CITY/TOWN STATE ZIP FOREIGN PROVINCE/STATE/COUNTY FOREIGN POSTAL CODE FOREIGN COUNTRY (OR COUNTRY CODE) ENTER THE NUMBER OF EMPLOYEES Fill in accounting method: Cash Accrual Other (specify) ________________________________________________________________________________________________ Fill in if you materially participated in the operation of this business during 2023 (see line 33 instructions). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fill in if you started or acquired this business during 2023. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fill in if you made any payments in 2023 that would require you to file Form(s) 1099 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fill in if you have any suspended PAL related to this schedule. See instructions and line 36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fill in if you claimed the small business exemption from the sales tax on purchases of taxable energy or heating fuel during 2023. . . . . . . . . . . . . . . . . . . Fill in if this income was reported to you on Form W-2 and the “Statutory employee” box on that form was checked. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fill in if interest or dividend reported on U.S. Schedule C, lines 1 and/or 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Do not include interest and dividends in Schedule C, lines 1 and 4. Enter this amount here and on Schedule B, line 3. See instructions. . . . . . . . . . . . 1 a. Gross receipts or sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Returns and allowances. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0 If showing a loss, mark an X in box at left a–b=1 0 0 2 . Cost of goods sold and/or operations (Schedule C-1, line 8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0 0 3 . Gross profit. Subtract line 2 from line 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0 0 4 . Other income. Do not include interest income (other than from Mass. banks) and dividends. . . . . . . . . . . . . . . . . . . . . . . . . 4 0 0 5 . Gross income. Add line 3 and line 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 0 0 6 . Advertising . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 0 0 7 . Bad debts from sales or services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 0 0 8 . Car and truck expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 0 0 9 a. Commissions and fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Contract Labor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 a+b=9 0 0 10 . Depletion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 0 0 11 . Depreciation and Section 179 deduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 0 0 12 . Employee benefit programs (other than in line 17) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 0 0 13 . Insurance (other than health). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 0 0 2023 SCHED. C, PAGE 2 SOCIAL SECURITY NUMBER 14 a. Mortgage interest paid to financial institutions . . . . . . . . . . . . . . . b. Other interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 If showing a loss, mark an X in box at left a + b = 14 0 0 15 Legal and professional services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 0 0 16 Office expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 0 0 17 Pension and profit-sharing plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 0 0 18 a. Vehicles, machinery and equipment. . . . . . . . . . . . . . . . . . . . . . . 0 0 b. Other business property. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 a + b = 18 0 0 19 Repairs and maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 0 0 20 Supplies (not included on Schedule C-1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 0 0 21 Taxes and licenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 0 0 22 Travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 0 0 23 Deductible meals. See instructions for appropriate percentage subject to limitations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 0 0 24 Utilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 0 0 25 Wages (before U.S. jobs credit). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 0 0 26 Other expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 0 0 27 Total expenses. Add lines 6 through 26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 0 0 28 Tentative profit or loss. Subtract line 27 from line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 0 0 29 Expenses for business use of your home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 0 0 30 31 Abandoned Building Renovation Deduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 0 0 Profit or loss. Subtract total of line 29 and 30 from line 28. If a profit enter here and on line 34. If a loss enter here and go to line 32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 0 0 32 Deductible loss. If you have a loss on line 31 it may be limited. See line 33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 0 0 33 Fill in the oval that describes your investment in this activity. If you filled in 33a enter the loss on line 32 and go to line 35. If you filled in 33b, see instructions for line 32 entry and go to line 35. 34 Profit from line 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 0 0 35 Total profit or loss. Combine lines 32 and 34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 0 0 36 Allowable prior-year suspended PAL you are applying . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 0 0 37 Net profit or loss. Combine line 35 and 36. Enter here and on Form 1, line 6a or Form 1 NR/PY, line 8a. . . 37 0 0 33a. All investment at risk. 33b. Some investment is not at risk. FIRST NAME M.I. LAST NAME SOCIAL SECURITY NUMBER OF PROPRIETOR Schedule C-1 Cost of Goods Sold and/or Operations Fill in method used to value closing inventory: Cost Lower of cost or market Other (enclose explanation) Fill in and enclose explanation if there was any change in determining quantities, costs or valuations between opening and closing inventory. Fill in and enclose explanation if inventory at beginning of year is different from last year’s closing inventory. 1 Inventory at beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 a. Purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 b. Items withdrawn for personal use. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 a-b=2 0 0 3 Cost of labor (do not include salary paid to yourself). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 0 0 4 Materials and supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 0 0 5 Other costs (enclose statement).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 0 0 6 Add lines 1 through 5.. . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 0 0 7 Inventory at end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 0 0 8 Cost of goods sold and/or operations. Subtract line 7 from line 6. Enter here and on Schedule C, line 2. . . . . . . . . . . . . . . . 8 0 0
Schedule C
More about the Massachusetts Schedule C Individual Income Tax TY 2023
We last updated the Profit or Loss from Business in January 2024, so this is the latest version of Schedule C, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule C directly from TaxFormFinder. You can print other Massachusetts tax forms here.
Related Massachusetts Individual Income Tax Forms:
TaxFormFinder has an additional 126 Massachusetts income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Massachusetts Schedule C.
| Form Code | Form Name |
|---|---|
| Schedule CB | Circuit Breaker Credit |
| Schedule CMS | Credit Manager Schedule |
| Schedule CG | Combined Reporting Allocation Schedule |
| Schedule CIR | Consolidated Return Income Reconciliation |
| Schedule CRS | Credit Recapture Schedule |
| Schedule C-2 | Excess Deductions Against Trade or Business Income |
View all 127 Massachusetts Income Tax Forms
Form Sources:
Massachusetts usually releases forms for the current tax year between January and April. We last updated Massachusetts Schedule C from the Department of Revenue in January 2024.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Massachusetts Schedule C
We have a total of twelve past-year versions of Schedule C in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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