Fill out Schedule C (Profit or Loss From Business) online
Schedule C is used to report income or loss from a sole proprietorship or single-member LLC. It is filed as an attachment to Form 1040 and calculates the net profit or loss from your business activities.
How to fill out Schedule C (Profit or Loss From Business)
Enter business information
Fill in your business name, address, EIN (if applicable), principal business code, and accounting method (cash or accrual) in the header section.
Report gross income
Enter your gross receipts or sales on line 1. Subtract returns and allowances (line 2) and cost of goods sold (line 4) to calculate gross income on line 7.
Deduct business expenses
Report deductible expenses in Part II: advertising, car and truck expenses, insurance, office supplies, rent, utilities, travel, and meals (50% deductible).
Calculate net profit or loss
Subtract total expenses (line 28) from gross income (line 7) to determine your net profit or loss on line 31. This amount transfers to your Form 1040.
Complete vehicle and home office sections
If you claimed car expenses, complete Part IV (Information on Your Vehicle). For home office deductions, complete and attach Form 8829 or use the simplified method.
About Schedule C (Profit or Loss From Business)
Who needs this form
Sole proprietors, single-member LLC owners, freelancers, independent contractors, and gig workers who earn income from self-employment activities.
Where to submit
Attach Schedule C to your Form 1040 and file them together. The net profit flows to your 1040 and is also used to calculate self-employment tax on Schedule SE.
Source and content freshness
- Reviewed: 2026-02-16
- Check the latest official form instructions for the filing year that applies to you.
- Filing deadlines may shift for weekends and holidays. Verify due dates with official instructions.
Common mistakes to avoid
- Not separating business and personal expenses
- Forgetting to deduct home office expenses when eligible
- Misclassifying employees as independent contractors
- Not keeping adequate records and receipts for claimed deductions
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Do I need to file Schedule C for a side hustle?
Yes. Any income from self-employment, freelancing, or gig work should be reported on Schedule C, even if it is a side hustle alongside regular employment. You must file if your net earnings from self-employment are $400 or more. You will also need Schedule SE to calculate self-employment tax.
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