{"id":20343,"date":"2024-04-22T10:00:00","date_gmt":"2024-04-22T15:00:00","guid":{"rendered":"https:\/\/www.hrblock.com\/tax-center\/"},"modified":"2025-02-28T18:58:33","modified_gmt":"2025-03-01T00:58:33","slug":"what-is-a-schedule-c-tax-form","status":"publish","type":"post","link":"https:\/\/www.hrblock.com\/tax-center\/irs\/forms\/what-is-a-schedule-c-tax-form\/","title":{"rendered":"Schedule C, Profit or Loss from Business: What it is and who has to file one"},"content":{"rendered":"\n<p>Self-employed persons (including single-member LLCs) and independent contractors, or freelancers, (whatever term you use), self-employed individuals have additional responsibilities each tax year. Don\u2019t worry\u2014this isn\u2019t a job you have to do alone. We\u2019re here to make understanding common tax forms\u2014like the Schedule C\u2014more digestible.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-schedule-c\">What is Schedule C?<\/h2>\n\n\n\n<p>Schedule C: <em>Profit or Loss from Business<\/em> reports how much money you made or lost in a business you operated as a gig worker, freelancer, small business owner, or consultant in certain business structures. The form reports how much of the income from your business is included in your gross income or whether you have a tax loss to report to the Internal Revenue Service (IRS).<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"What is Schedule C? | H&amp;R Block\u00ae\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/NV1BkHizmRQ?list=PLri6sJNt1hIJA-Nyly8YKghv5wL-Gw47U\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-who-files-a-schedule-c-tax-form\">Who files a Schedule C tax form?<\/h2>\n\n\n\n<p>If you\u2019re self-employed and set up your business as a sole proprietorship (not registered as multi-member <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/small-business-owners\/llc-taxes\/\">LLC<\/a> or corporation) or single-member LLC taxed as a sole proprietorship, you should file Schedule C with your <a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/forms\/form-1040\/\">Form 1040<\/a> to report the profit or loss for your business.<\/p>\n\n\n\n<p>Additionally, the activity is qualified as business activity if it\u2019s done regularly and continually with the intent to make a profit. If your activity doesn\u2019t rise to the level of business activity then you don\u2019t need to file Schedule C to report income from a hobby. However, figuring out if your hobby is truly a hobby\u2014and not a business can be tricky. Find out more about the difference between <a href=\"https:\/\/www.hrblock.com\/tax-center\/filing\/adjustments-and-deductions\/taxes-on-hobby-activities\/\">hobby vs. business income<\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><i>Find out more about how your taxes change when you work for yourself. Check out our <a data-auth=\"NotApplicable\" href=\"https:\/\/www.hrblock.com\/tax-center\/guide-gig-worker-taxes\/\" target=\"_blank\" rel=\"noopener noreferrer\">Guide to Gig Worker Taxes<\/a>.<\/i><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-does-an-llc-file-a-schedule-c\">Does an LLC file a Schedule C?<\/h2>\n\n\n\n<p>A single-member LLC, that has not elected to be treated as a corporation, uses the Schedule C to report profit or loss from the business. The LLC is a business structure allowed by state statute for other legal purposes but is disregarded for tax purposes. Because LLCs are formed in the state, each state has different laws and regulations. Therefore, it is important to learn about your state regulations regarding an LLC.<\/p>\n\n\n\n<p>You are generally required to file a Schedule C tax form even if you have a loss. This is especially the case if your business received a 1099 or some other informational form.<\/p>\n\n\n\n<div class=\"wp-block-create-block-hrb-single-override-cta\" class=\"wp-block-create-block-hrb-single-override-cta\" style=\"background-color:#005d1f\"><div class=\"hrb-single-override-cta--image\" style=\"background-image:url(&quot;https:\/\/www.hrblock.com\/tax-center\/wp-content\/themes\/hrb_tic\/img\/on-laptop-at-desk-graphic.png&quot;);background-size:contain;background-position:center;background-repeat:no-repeat\"><\/div><div class=\"hrb-single-override-cta--copy #ffffff\"><h3 class=\"main-heading\">File with H&amp;R Block to get your max refund<\/h3><div class=\"quick-links-list\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.hrblock.com\/online-tax-filing\/\">File online<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.hrblock.com\/tax-offices\/?app_method=GENERAL_TAX_PREP_METHOD\">File with a tax pro<\/a><\/div>\n<\/div><\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-schedule-c-instructions\">Schedule C instructions<\/h2>\n\n\n\n<p>To fill out your Schedule C, you&#8217;ll need to gather information related to your business for the tax year. Schedule C collects the following information:<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"240\" height=\"160\" src=\"https:\/\/www.hrblock.com\/tax-center\/wp-content\/uploads\/2019\/06\/Schedule-C-1.jpg\" alt=\"Schedule C tax form\" class=\"wp-image-64269\" srcset=\"https:\/\/www.hrblock.com\/tax-center\/wp-content\/uploads\/2019\/06\/Schedule-C-1.jpg 240w, https:\/\/www.hrblock.com\/tax-center\/wp-content\/uploads\/2019\/06\/Schedule-C-1-50x33.jpg 50w\" sizes=\"auto, (max-width: 240px) 100vw, 240px\" \/><\/figure><\/div>\n\n\n<ul class=\"wp-block-list\">\n<li>Accounting method (Cash, accrual, or other)<\/li>\n\n\n\n<li>Address<\/li>\n\n\n\n<li>Business expenses, like advertising costs, mileage and other&nbsp;<a href=\"https:\/\/web.blockadvisors.com\/freelance-and-small-business-tax-deductions\/\">self-employed tax deductions<\/a> (receipts or list)<\/li>\n\n\n\n<li>Business income<\/li>\n\n\n\n<li>Cost of goods sold (COGS)<\/li>\n\n\n\n<li>Employer Identification Number (EIN)<\/li>\n\n\n\n<li>Gross receipts or sales<\/li>\n\n\n\n<li>Inventory records, if applicable<\/li>\n\n\n\n<li>Mileage driven for business purposes, as well as other vehicle business expenses<\/li>\n\n\n\n<li>Product or service activity<\/li>\n\n\n\n<li>Social Security number (SSN)<\/li>\n\n\n\n<li>Your business name<\/li>\n\n\n\n<li>Your name<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-fill-out-the-schedule-c-form\">How to fill out the Schedule C form<\/h2>\n\n\n\n<p>Filling out a Schedule C? For those who need to file a Schedule C, follow these important steps.<\/p>\n\n\n\n<p><strong>Step 1<\/strong> \u2013 Start by filling out the Schedule C with the top section by filling out important identifying information.<\/p>\n\n\n\n<p><strong>Step 2 <\/strong>\u2013 Fill in the appropriate sections that relate to you \/ your business. The Schedule C tax form has five parts<em>. <\/em>If certain sections\/lines don\u2019t apply to your business, you can skip them.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Part 1<\/strong> determines your business\u2019 gross income through line items like gross receipts or sales and other income calculations.<\/li>\n\n\n\n<li><strong>Part 2<\/strong> calculates and reports business expenses before home office deductions. This section also helps you figure out total expenses, expenses for business use of home, tentative profit or loss, and net profit or loss.<\/li>\n\n\n\n<li><strong>Part 3 <\/strong>helps you determine your cost of goods sold, or COGS.<\/li>\n\n\n\n<li><strong>Part 4<\/strong>helps you report business vehicle use. If you don\u2019t use a vehicle in your business, you can skip over this section.<\/li>\n\n\n\n<li><strong>Part 5<\/strong>lists business expenses that don\u2019t fit within Part 2. This includes cell phone and internet deductions, bank charges, and miscellaneous deductions. This line also helps you determine your overall income amount to calculate self-employment taxes on&nbsp;<a href=\"https:\/\/www.blockadvisors.com\/resource-center\/small-business-tax-prep\/schedule-se\/\">Schedule SE<\/a>.<\/li>\n<\/ul>\n\n\n\n<p><strong>Step 3<\/strong> \u2013 Once you complete your Schedule C, report your net profit or loss on your personal tax return, Form 1040. For this reason, this tax form is often referred to as 1040 Schedule C.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-where-can-you-get-schedule-c\">Where can you get Schedule C?<\/h2>\n\n\n\n<p>You can find and download all \u200cversions of Schedule C on the <a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1040sc.pdf\">IRS website<\/a>. You can also use <a href=\"https:\/\/www.hrblock.com\/online-tax-filing\/free-online-tax-filing\/\">H&amp;R Block Online<\/a>, to access Schedule C and complete your tax return. Or if you work with a <a href=\"https:\/\/www.hrblock.com\/tax-offices\/office-tax-preparation\/\">tax preparer<\/a>, they will help you access and complete Schedule C.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-other-forms-to-complete-along-with-irs-schedule-c\">Other forms to complete along with IRS Schedule C<\/h2>\n\n\n\n<p>Usually, self-employed or independent workers who file a Schedule C tax form will also have to file a Schedule SE tax form for <a href=\"https:\/\/www.hrblock.com\/tax-center\/small-business\/self-employed\/self-employment-tax\/\">self-employment tax<\/a>. <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/small-business-tax-prep\/form-4562\/\">Form 4562<\/a> also might be required to claim depreciation or <a href=\"https:\/\/www.hrblock.com\/tax-center\/filing\/adjustments-and-deductions\/home-office-deduction\/\">Form 8829<\/a> to claim actual expenses from business use of your home.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-schedule-c-ez-for-tax-years-before-2019\">Schedule C EZ (for tax years before 2019)<\/h3>\n\n\n\n<p>Some people still inquire about Schedule C EZ, but beginning with the 2019 tax year, its longer available, leaving only IRS Schedule C. For tax years prior to 2019, as a sole proprietor, you could use a simpler version of Schedule C called Schedule C-EZ. This form didn&#8217;t include much of the detail in the full Schedule C and just asked for your total business receipts and expenses.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-more-help-with-irs-schedule-c-and-small-business-taxes\">More help with IRS Schedule C and small business taxes<\/h2>\n\n\n\n<p>Business tax forms, like the IRS Schedule C, can get tricky without a little guidance. But don\u2019t fret\u2014we\u2019re here to help!<\/p>\n\n\n\n<p>Self-employed or independent contractors: Gain control of your taxes and get every credit and deduction you deserve. File with <a href=\"https:\/\/www.hrblock.com\/online-tax-filing\/deluxe-online-tax-filing\/\">H&amp;R Block Online Deluxe<\/a> (if you have no expenses) or <a href=\"https:\/\/www.hrblock.com\/online-tax-filing\/self-employed-online-tax-filing\/\">H&amp;R Block Self-Employed Online<\/a> (if you have expenses).<\/p>\n\n\n\n<p><strong>Full-time small business owners:<\/strong> If your self-employment income is more of a full-time business, you can rely on our team of small business certified tax pros to get your taxes right and keep your business on track. Find out how <a href=\"http:\/\/www.blockadvisors.com\">Block Advisors<\/a> can help with your <a href=\"https:\/\/www.blockadvisors.com\/small-business-tax-preparation\/\">small business taxes<\/a>.<\/p>\n\n\n\n<p><em>Our small business tax professional certification is awarded by Block Advisors, a part of H&amp;R Block, based upon successful completion of proprietary training. Our Block Advisors small business services are available at participating Block Advisors and H&amp;R Block offices nationwide.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Self-employed persons (including single-member LLCs) and independent contractors, or freelancers, (whatever term you use), self-employed individuals have additional responsibilities each tax year. Don\u2019t worry\u2014this isn\u2019t a job you have to do alone. We\u2019re here to make understanding common tax forms\u2014like the Schedule C\u2014more digestible. What is Schedule C? Schedule C: Profit or Loss from Business [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":47385,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[25,55],"tags":[],"class_list":["post-20343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-irs","category-forms"],"acf":[],"yoast_head":"<title>What is Schedule C (Form 1040)? | H&amp;R Block<\/title>\n<meta name=\"description\" content=\"If you\u2019re self-employed, learn more about IRS Schedule C to report the money your business made or lost. 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