The IRS form where sole proprietors report business income and expenses.
Schedule C (Form 1040) is where sole proprietors, freelancers, and single-member LLCs report their business profit or loss. You list all business income, then deduct ordinary and necessary business expenses to arrive at net profit, which flows to your Form 1040 and is subject to both income tax and self-employment tax.
Sole proprietors, freelancers, independent contractors, and single-member LLCs taxed as sole proprietorships file Schedule C if they have net earnings of $400 or more.
Any ordinary and necessary business expense: supplies, software, equipment, home office, mileage, professional services, insurance, and more.
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