1040 Schedule C - document type

Overview

IRS Form 1040 Schedule C is a tax form used by self-employed individuals or sole proprietors to report their business income and expenses. It is part of the individual income tax return (Form 1040) and helps calculate the net profit or loss for the business. Schedule C requires information on business income, deductible business expenses, and other relevant details, providing a snapshot of the financial activity for sole proprietors when filing their annual income tax returns.

This Document Understanding^TM skill is extracting 13 fields containing key data points of the 1040 Schedule C.

Particularities

The skill is trained to automatically detect data such as:

• Proprietor Name, SSN, Business Name, EID;
• Depletion Amount, Deprecation, Expense Deduction;
• Deductible Meals, Wages, Net Profit-Loss.

Extracted fields

note

If you are using using public endpoints, such as https://du.uipath.com/ie/invoices, all fields are available. However, if you are using custom-trained extractors, the availability of extracted fields is dependant on the version you are currently using. You can also check the list of fields and types on any endpoint in the /info/model object. To access this, simply add /info/model to any endpoint, like so: https://du.uipath.com/ie/invoices/info/model. For an enhanced reading experience of the fields list, it's recommended to install a JSON viewer extension in your browser.

Table 1. List of extracted fields for 1040 Schedule C

Display Name	Field Name	Field Type	Content Type
Taxpayer Name	proprietor-name	regular	string
Social Security Number	social-security-number	regular	id-no
Business Name	business-name	regular	string
Business Address	business-address	regular	string
Employer ID number	employer-id-number	regular	id-no
Miles Driven for Business	miles-driven-for-busines	regular	number
Miles Driven for Comuting	miles-driven-commuting	regular	string
Miles Driven for Other	miles-for-other	regular	string
Gross Profit	gross-profit	regular	number
Gross Income	gross-income	regular	number
Total Expenses	total-expenses	regular	number
Net Profit or (Loss)	net-profit-or-loss	regular	string
Cost of Goods Sold	cost-of-goods-sold	regular	number

Samples

You can download the a sample filled-in form from here.

You can also preview the sample of a filled-in form: