US term

Schedule C (US)

The US tax schedule on which sole proprietors and single member LLCs report business income and expenses.

Schedule C, Profit or Loss from Business, is where US freelancers and side hustlers calculate net business profit. You list gross receipts, then deduct allowable expenses such as software, home office, mileage and contractor payments. The result feeds into your 1040 and triggers self employment tax on Schedule SE. Good record keeping is the difference between paying tax on revenue and paying tax on actual profit.

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