IRS Form: Form 1040, Schedule C for 2018

Form 1040, Schedule C, Profit and Loss from Business, released October 17 with changes made to reflect the enactment of the 2017 tax act, Pub. L. No. 115-97. The 2018 version of Schedule C shows changes to the following: (1) elimination of the deduction for entertainment expenses; (2) the excess business loss limitation which gets reported on new Schedule 1; and (3) the limitation of business interest deduction. Filers of Schedule C should note that the tax code Section 199A business income deduction is reported on Form 1040. [IRS Form 1040, Schedule C (2018)]

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