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Form 1040 Schedule C

Form 1040 Schedule C

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Instructions and help about Form 1040 Schedule C

so if you're a self-employed person you're going to have to report uh the income and expense from your self-employed business on your form 1040 every year and so that's done with a schedule c and a couple of other schedules and worksheets and ultimately it's included with your form 1040 and you pay federal income tax and self-employment tax on your net earnings so to start you know who needs to file schedule c so again it's for self-employed person so sole proprietorships right the most simple form of business if you don't set up a legal entity you just want to go out there and start selling a product or a service just in your own name you would report that income and expense on a schedule c schedule c is also used for single member llc's that are disregarded for tax purposes so in this example we have john q taxpayer he formed an llc in the state of florida and an llc that is owned 100 percent by a sole owner is a disregarded ent

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