What is a Schedule C? (Profit or Loss From Business)
If you are self-employed, you'll use Schedule C to report how much money you made or lost in your business. This form, Profit or Loss From Business (Sole Proprietorship), must be completed and included with your federal income tax return if you had self-employment income.
Your income includes all earnings and expenses during the tax year. Earnings, which may be checks or cash, usually shown on Form 1099-MISCs, are paid to you or your business name. Expenses you can deduct include phones, equipment, supplies, insurance, tools, materials and inventory, office or storage space, vehicles and travel expenses, and more.
In most cases, people who fill out Schedule C will also have to fill out Schedule SE, Self-Employment Tax, TurboTax Home & Business will ask you about all of your "business" income and expenses for you.
If you operate one business and have very limited income and expenses to report, you may be able to use Schedule C-EZ. For more information, see this Schedule C-EZ article.
In TurboTax Home & Business, the easiest way to enter your business income and expenses is to use the TurboTax search box.
Enter schedule c and click on the Jump to schedule c link, then follow the prompts.
Or, use these steps in your TurboTax Home & Business:
- Click the Business tab, and Continue.
- On the How do you want to enter your business income? screen:
- Go through all areas sequentially by clicking Walk me through everything. under Guide me, or
- Pick the areas you want to work on by clicking I'll choose what I work on.
- Choose your topics by clicking Start/Update and follow the prompts.