![]() ![]() ![]() And, regardless of whether you have a profit or loss, you’ll report this figure on your 1040 and Schedule SE. If you have a profit, you will need to pay both income and self-employment tax. ![]() After you calculate your income and expenses, your Schedule C will show profits or losses. The IRS Schedule C form is an important form for business owners and sole proprietors. If you operate a business in the Sharing Economy or if you work as an independent contractor, like driving for Uber or working freelance on Upwork, the income you earn and the associated business expenses need to be reported on a Schedule C.Ĭlick here for the IRS schedule C page, which includes downloadable copies of the form. Your Schedule C form accompanies your 1040 and reports business income, expenses, and profits or losses. If you’re a 1099 contractor or sole proprietor, you must file a Schedule C with your taxes. Independent contractors (also known as 1099 contractors) use Schedule C to report business income. In the following article, we’ll provide an overview of IRS Schedule C instructions for independent contractors. Specifically, you must report your business income and related expenses on Schedule C, Profit or Loss from Business (Sole Proprietorship). However, Form 1040 includes additional requirements for 1099 contractors. 1099 contractors must use IRS Form 1040 to report income. Contractors don’t have an employer, so they’re responsible for paying taxes and reporting their income. For independent contractors, filing taxes is a little more complicated. ![]()
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