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What does"Business Profit or Loss" mean?

 
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ColeenD3
Expert Alumni

What does"Business Profit or Loss" mean?

Schedule C is used to enter self-employment income. If you earn money and it is not reported on a W-2, you enter that income on Schedule C. It could be paid in cash or reported in Box 7 of Form 1099-Misc.

 

You are considered to have your own business. If your income is more than your expenses, you have a gain. If the amount of expenses is greater, you have a loss.

 

@magdalenashakti7

 

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1 Reply
ColeenD3
Expert Alumni

What does"Business Profit or Loss" mean?

Schedule C is used to enter self-employment income. If you earn money and it is not reported on a W-2, you enter that income on Schedule C. It could be paid in cash or reported in Box 7 of Form 1099-Misc.

 

You are considered to have your own business. If your income is more than your expenses, you have a gain. If the amount of expenses is greater, you have a loss.

 

@magdalenashakti7

 

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