What is Schedule C: Profit or Loss from Business (Form 1040)?
IRS Schedule C, Profit or Loss from Business, is a tax form you file with your Form 1040 to report income and expenses for your business. The resulting profit or loss is typically considered self-employment income.
Usually, if you fill out Schedule C you'll also have to fill out Schedule SE, "Self-Employment Tax." You'll use this form to calculate your Social Security and Medicare tax based on your self-employment income and report it on Form 1040, Schedule 2 Part II, Other Taxes.
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