![]() ![]() You'll need to file a Schedule C if you earn income through self-employment as a sole proprietor or as a single-member Limited Liability Company (LLC). Usually, if you fill out Schedule C you'll also have to fill out Schedule SE, " Self-Employment Tax." You'll use this form to calculate your Social Security and Medicare tax based on your self-employment income and report it on Form 1040, Schedule 2 Part II, Other Taxes. ![]() The resulting profit or loss is typically considered self-employment income. IRS Schedule C, Profit or Loss from Business, is a tax form you file with your Form 1040 to report income and expenses for your business. What is Schedule C: Profit or Loss from Business (Form 1040)? To be deductible on Schedule C, expenses must be both ordinary and necessary for your business.If you are self-employed or receive 1099-NEC Forms, you'll likely need to use Schedule C to report income and expenses for your trade or business.Schedule C is used to report income and expenses from a business you own as a sole proprietor or single-member LLC. ![]()
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