As a small business owner ... Sole proprietors report their business income using Schedule C (Form 1040). The majority of business expenses are added under Part II on lines eight through 30.

The financial section is the backbone of any business plan, offering insights into the viability of your business idea ...

Net profit is the difference between gross profit margin and total expenses. The net income depicts the business' revenues and debt. Depreciation reflects the decrease in value of capital assets ...