What is Schedule C Tax Form?

[Samuel]

I’ve been hearing a lot about the Schedule C tax form, but I’m a bit confused about what it actually is and when I need to use it. From what I understand, it’s related to self-employment income, but how exactly does it work?

 

[Rick_Grimes]

Schedule C is a tax form in the U.S. used by sole proprietors or single-member LLCs to report income and expenses from their business when filing their personal tax return.

 

[Lucas]

Schedule C is a tax form used to report income and expenses from self-employment.

 

[Emly]

Schedule C Tax Form is used by sole proprietors to report income and expenses from their business.

 

[deepak]

Single owners and single-member LLCs report income and expenses on a business with the use of Schedule C, a U.S. tax form. It assists in computing net profit/ loss which is subsequently reported in Form 1040 and taxed like your personal income. It is mandatory among self-employed tax payers.