What is Schedule "C"?

Answer by  chemteach (100)

Schedule C is a page on your 1040 federal tax return that reports both income and deductions for self-employed persons. This includes itemized deductions, car or truck expenses, supplies, interest expenses, travel and meals, commissions and fees, legal expenses, insurance, and other applicable expenses. The net income is then transferred to the 1040 to be combined with other income items.

Answer by  technogeek (6640)

Schedule c is the form that must be filled out and included with your tax return if you are itemizing your deductions instead of opting for the standard deduction. You will need to fill out the schedule C to show all of the deductions that you are taking on your tax return.

Answer by  Chaneygirl (1755)

It is for a self employed person to record their income and list their expenses. The net amount then flows over to the front of the 1040.

Answer by  Kdm (180)

A schedule C is the IRS form in which to report sole proprietor income and expenses. It is also used to report certain 1099 MISC income and expenses.