A simple profit and loss template for freelancers and single-member LLCs — built around the Schedule C expense categories so it doubles as tax prep. List your income, list your expenses, subtract, and you have your net profit. Download it as a CSV and open it in Excel or Google Sheets.
No credit card
Client/project income, other income, and total income.
Schedule C lines including advertising, car and truck, contract labor, insurance, legal and professional services, office expense, rent or lease, supplies, software/subscriptions, travel, meals, utilities, and other expenses.
Total income minus total expenses - the number your taxes are based on.
Add your total income for the period.
Fill in each expense against its Schedule C category.
Subtract total expenses from total income to get net profit. Do not list money you pay yourself as an expense - those are owner draws, not deductible expenses.
A profit and loss (P&L) statement, also called an income statement, summarizes your income and expenses over a period and shows the result - your net profit or loss. For a freelancer or single-member LLC it is the number your taxes are based on, and the clearest view of whether the business is actually making money.
List your total income for the period, list your expenses grouped by category, then subtract total expenses from total income to get net profit. Using the Schedule C expense categories makes the P&L double as tax prep. You can start from the free template on this page.
A P&L covers a period of time (a month, quarter, or year) and shows income minus expenses. A balance sheet is a snapshot at a single moment showing what you own and owe. Most solo businesses live day-to-day off the P&L.
Yes, practically. Your net profit on a P&L is what you are taxed on (it flows to Schedule C), and it tells you what you can actually pay yourself. You do not need accounting software to make one - a simple template works - but a tool that keeps the P&L updated as you invoice and spend saves the year-end scramble.