What is Form Schedule C?
Schedule C reports the income and expenses of a business you run as a sole proprietor or single-member LLC. The net profit flows to your 1040 and to Schedule SE for self-employment tax.
Schedule C is really a mini profit-and-loss statement. The discipline that makes it easy is categorizing expenses all year, not reconstructing them in April. The most-missed write-offs are business mileage, software and subscriptions, a portion of your phone and internet, and the home-office deduction — each one cuts both income tax and self-employment tax.
Who files it
Sole proprietors, freelancers, gig workers and single-member LLC owners.
When it's due
Form Schedule C is generally due With Form 1040 (April 15). Deadlines can move for weekends and holidays, so confirm the exact date for the current year on IRS.gov.
Key lines and parts
Here's what you'll actually fill in on Form Schedule C:
- Part I — gross income and cost of goods sold
- Part II — expenses (advertising, supplies, vehicle, home office, etc.)
- Line 31 — net profit or loss
- Part IV — vehicle information
How to file
Attach it to your Form 1040. Track income and categorized expenses all year so the numbers are accurate and defensible.