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Frequently Asked Questions

What is the purpose of Schedule C (Form 1040)?

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.

Who needs to file Schedule C (Form 1040)?

Schedule C of Form 1040 is a tax schedule that must be filed by people who are self-employed. It's a calculation worksheet, the "Profit or Loss From Business" statement. Your self-employment income from the year is entered and tallied here, then carried over to your Form 1040 tax return after any allowable business expenses are deducted.

How do I fill out a Schedule C?

You fill out Schedule C at tax time and attach it to or file it electronically with Form 1040. Schedule C is typically for people who operate sole proprietorships or single-member LLCs. A Schedule C is not the same as a 1099 form, though you may need IRS Form 1099 (a 1099-NEC or 1099-K in particular) in order to fill out a Schedule C.

Do I need to file a Schedule C?

You may have to file a Schedule C even if you have a regular day job where you’re someone’s employee. So if you’re freelancing on the side, your self-employment means you’ll probably need to add the Schedule C to your to-do list.

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