May 27
Learn how to fill out Schedule C: Profit or Loss from Sole Proprietorship to record your business's earnings and expenses.
Schedule C is an IRS tax form used by sole proprietors, freelancers, and self-employed individuals to report business income and expenses on their personal tax return. It helps calculate net profit or loss from a business, including deductions for expenses such as office supplies, travel, marketing, and home office costs. Filing Schedule C accurately is essential for tax compliance, reducing taxable income, and managing self-employment taxes. This guide explains who should file Schedule C, important deductions, filing requirements, and tips to simplify sole proprietorship tax reporting.
