1040 Schedule C - ML Package

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 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.

Note: For the complete list of extracted fields, check the Out-of-the-box Models Details file.

Samples

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

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