Schedule C

The form where sole proprietors and freelancers report business income and expenses. Attached to your 1040.

Full explanation

Schedule C (Profit or Loss from Business) is how sole proprietors, freelancers, and gig workers report their business income and deduct business expenses. Your net profit from Schedule C flows to your 1040 and is subject to both income tax and self-employment tax (15.3%). If your expenses exceed your income, the loss can offset other income on your return.

Source: IRS Schedule C Instructions

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“How does schedule caffect my taxes?”

Tax education only. Source: IRS Schedule C Instructions.