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Schedule C  Form

Schedule C Form

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Video instructions and help with filling out and completing Schedule C Form

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Instructions and help about Schedule C

Hello, I’m Jill from Turbo Tax with some important information for self-employed taxpayers. Preparing your tax return when reporting self- employment earnings can be a little more complex than when your income is from employment. This is because of the Schedule C form you must prepare when your net profit is $400 or more. However, if you are eligible to file the shorter Schedule C-EZ, you may just save some time preparing your taxes. Schedules C and C-EZ are used to report the income and expenses that relate solely to your self-employment activities. However, you must also report the net profit or loss in the income section of your 1040 form. But before evaluating whether you are eligible to use the shorter Schedule C-EZ, you need to insure that you are in fact self employed. You are self-employed if you operate a business as a sole proprietor, including a limited liability company you are the sole member of. You are also self-employed if you earn income as an independent contractor.

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