Definition: IRS Form Schedule C is used to calculate on personal income tax returns profit or loss from a business operated by you or from a profession in which you are the sole proprietor.
The net income or loss for a business is figured on the Schedule C by calculating business income and subtracting business expenses, which may include the costs associated with maintaining a home offices as well as many other deductible business expenses. The total profit (or loss) is then entered on your 1040 as income.
The net income or loss for a business is figured on the Schedule C by calculating business income and subtracting business expenses, which may include the costs associated with maintaining a home offices as well as many other deductible business expenses. The total profit (or loss) is then entered on your 1040 as income.
More: Home Office Deduction FAQ
Download Schedule C
Download Instructions for Schedule C
Disclaimer
I am not a tax attorney, CPA or tax preparation specialist. The information here is meant as a general guide. For specific questions about your own taxes, please refer to IRS publications or consult a tax specialist.
Also Known As: Profit or Loss from a Business Form
Common Misspellings: ScheduleC
