You may also need Form 4562 to claim depreciation or Form 8829 to claim actual expenses from business use of your home. Usually, people who file a Schedule C Tax Form will also have to file a Schedule SE Tax Form: Self-Employment Tax. What Other Forms May Need to Be Completed Outside of a Schedule C? (Hint: Schedule SE)

Employer Identification Number (EIN) if applicableĭo you still need help with your Schedule C Tax Form and how it affects your taxes? Check out our Guide to Gig Worker Taxes.

Schedule C collects the following business information: That means you don’t need to use a Schedule C to report income from a hobby. An activity qualifies as a business activity if it is operated with the intent to make a profit and is operated regularly and continually. If you’re self-employed and set up your business as a sole proprietorship, you should file Schedule C with your Form 1040 to report the profit or loss for your business.

The form reports how much of the income from your business is subject to tax or whether you have a loss for tax purposes. The Schedule C: Profit or Loss From Business (Sole Proprietorship) is used to report how much money you made or lost in a business you operated by yourself.

1040 schedule c download