Profit Or Loss From Business - Sole Proprietorship

Schedule C is designed by the IRS as a form for self employed people as well as sole proprietors. It's purpose is to collect the data on their profit or loss in the business that they are involved in.

Those dollars are calculated on the form.
After the form is completed it then shows us the final number of dollars.

We must add that to Schedule 1040 on the line # 12.

There are situation where an easier form to use is available and it is Schedule C-EZ.

That form is simpler but there are several restrictions such as the fact that you can only use it if you have a profit and not for a loss. There are other restrictions for the form as well.

Most people who earn more than $600.00 will get a 1099 form that has to be reported to the IRS. It has the amount that the company paid you and other information on it.

For a lot more information on this file see
the website

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