Income Statement and Taxes
GAAP-style P&L, Schedule C mapping, and the year-end tax report.
Austin's Comic Collection generates two finance reports that most resellers actually file with: the Income Statement (a GAAP-style profit-and-loss) and the Tax Report (Schedule C line-item mapping for US sole proprietors).
The Income Statement
The Income Statement is rendered live from your ledger entries. It runs top-down GAAP style:
Gross sales Sum of INCOME (excluding REFUND)
- Refunds and allowances Sum of REFUND
= Net sales
- Cost of goods sold Sum of item cost basis at sale time
= Gross profit
- Operating expenses Sum of EXPENSE entries, broken down by category
= Operating income
+/- Adjustments Sum of ADJUSTMENT
= Net income
Date range defaults to the current calendar year. Use the period tabs (Month, Quarter, Year, Custom) to drill in.
Cost of goods sold (COGS)
We treat COGS as the cost basis of every item that sold within the period, not the cost of every item you purchased. This is the GAAP-correct "matching principle" — inventory you bought but did not sell stays on the balance sheet, not the P&L.
If you sold an item but did not record its cost basis, the Income Statement flags it under Unmatched COGS so you can fix it before exporting.
Schedule C mapping (US sole proprietor)
The Tax Report lays out your year's totals in the exact line order of IRS Form Schedule C:
| Schedule C line | Our source |
|---|---|
| 1 — Gross receipts or sales | Sum of INCOME (excluding REFUND) |
| 2 — Returns and allowances | Absolute value of REFUND |
| 4 — Cost of goods sold | Item cost basis at sale time |
| 8 — Advertising | Ledger category "Advertising" |
| 9 — Car and truck expenses | Mileage report total (see below) |
| 18 — Office expense | Ledger category "Office" |
| 22 — Supplies | Ledger category "Supplies" |
| 23 — Taxes and licenses | Ledger category "Taxes" |
| 24a — Travel | Ledger category "Travel" |
| 25 — Utilities | Ledger category "Utilities" |
| 27a — Other expenses | All remaining EXPENSE rows, itemized |
You can download the Tax Report as a CSV (one row per Schedule C line) or as a printable PDF.
Mileage deduction
The IRS standard mileage rate for 2026 is 70 cents per mile for business use of a personal vehicle. The Tax Report multiplies your tracked miles (from the Mileage page) by the 2026 rate to produce line 9.
You can switch to the actual expense method by toggling the Mileage page setting — in that case we use your fuel + maintenance ledger entries instead.
See Mileage Tracking for the full story.
What we do not do
We are not a tax accountant and we do not file your return. Specifically we do not:
- Generate the actual Schedule C PDF for filing (your tax software does that).
- Compute self-employment tax (your tax software does that, using the net income we report).
- Track depreciation of long-lived assets (vehicles, computers used >1 year). If you need depreciation, see your accountant — we only handle current-year expenses.
What we do is provide the totals you (or your CPA) need to fill in the right boxes.
Exporting for your tax software
Most US tax software (TurboTax, FreeTaxUSA, H&R Block) accepts a simple income/expense CSV. Use Tax Report → Export CSV — the format matches what TurboTax expects for self-employed importers.