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Use Schedule C (Form 1040) to report income or (loss) from a business you operated or a profession you practiced as a sole proprietor. An activity qualifies as a business if your primary purpose for engaging in the activity is for income or profit and you are involved in the activity with continuity and regularity.
Information about Schedule C (Form 1040), Profit or Loss from Business, used to report income or loss from a business operated or profession practiced as a sole proprietor; includes recent updates, related forms, and instructions on how to file.
To complete Schedule C for your small business taxes, you'll need your business income, costs of goods sold, and more. Attach Schedule C to your Form 1040 tax return.
Sole proprietorships and single-member LLCs file Schedule C to report business net profit or loss. Follow these 9 steps to filling out and filing Schedule C.
IRS Schedule C is a tax form for reporting profit or loss from a business. You fill out Schedule C at tax time and attach it to or file it electronically with Form 1040 .
The IRS’s instructions for Schedule C. Your SSN (Social Security Number) Your EIN (Employer Identification Number)—if you have one. An income statement for the tax year. Your balance sheet for the year.
If you earn income as a sole proprietor or single-member LLC, you’ll need to file a Schedule C tax form (Form 1040), Profit or Loss from Business, to report business income and expenses. Find out what you need to know about Schedule C, including what’s on it, how to fill it out, and when to file it.