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This version of the form is not currently in use and is provided for reference only. Download this version of
IRS Form 1040 (1040-SR) Schedule C
for the current year.
IRS Form 1040 (1040-SR) Schedule C Profit or Loss From Business (Sole Proprietorship)
What Is IRS Form 1040 (1040-SR) Schedule C?
This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury. The document is a supplement to IRS Form 1040, and IRS Form 1040-SR. Check the official IRS-issued instructions before completing and submitting the form.
FAQ
Q: What is IRS Form 1040?A: IRS Form 1040 is the U.S. Individual Income Tax Return form used to report an individual's income and calculate their tax liability.
Q: What is IRS Form 1040-SR?A: IRS Form 1040-SR is a simplified version of Form 1040 for individuals who are 65 years or older.
Q: What is Schedule C of Form 1040?A: Schedule C is used to report profit or loss from a business operated as a sole proprietorship.
Q: Who is eligible to use Schedule C?A: Sole proprietors, or individuals who operate a business by themselves, can use Schedule C to report their business income and expenses.
Q: What does Schedule C report?A: Schedule C reports the income or loss from a sole proprietorship and calculates the net profit or loss that is then added to the individual's overall income on Form 1040.
Q: What kind of expenses can be reported on Schedule C?A: Sole proprietors can report expenses such as business supplies, travel costs, advertising expenses, and other costs directly related to their business operations.
Q: Can I use Schedule C if I have multiple businesses?A: Yes, if you operate multiple sole proprietorships, you can use separate Schedule C forms to report the income and expenses for each business.
Form Details:
- A 2-page form available for download in PDF;
- This form cannot be used to file taxes for the current year. Choose a more recent version to file for the current tax year;
- Editable, printable, and free;
- Fill out the form in our online filing application.
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Download IRS Form 1040 (1040-SR) Schedule C Profit or Loss From Business (Sole Proprietorship)
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