All formsBusiness Information: Enter your business name, EIN (or SSN), business code, and accounting method
Gross Income: Report all business revenue — 1099-NEC, 1099-K, cash, and other payments
Cost of Goods Sold: If you sell products, calculate COGS on the back of Schedule C
Expenses: Deduct ordinary and necessary business expenses:
Net Profit or Loss: Gross income minus expenses — this flows to your Form 1040
Self-Employment Tax: Also complete Schedule SE — you owe 15.3% SE tax on net earnings
Taxpdf
Schedule C (Profit or Loss from Business) Guide
Guide to reporting self-employment income and expenses on IRS Schedule C. For sole proprietors, freelancers, and gig workers.
Instructions
Instructions
- Advertising, insurance, office supplies, rent, utilities
- Vehicle expenses (standard mileage rate: $0.67/mile for 2024 or actual expenses)
- Home office deduction (simplified: $5/sq ft, max 300 sq ft)
- Business travel, meals (50% deductible), professional services
Note: Keep detailed records and receipts. The IRS can audit self-employment income for up to 3 years (6 years if you underreport income by 25%+).