Schedule C (Profit or Loss from Business) is a tax form used by sole proprietors and single-member LLCs to report income and expenses related to their business operations. It is part of personal tax returns and is filed alongside Form 1040.
The IRS 1040 Form is the primary tax form that U.S. individuals use to report their annual income and determine their tax liability. It includes information about your income, deductions, credits, and tax payments to calculate whether you owe additional taxes or are entitled to a refund.
If you are self-employed, operate a sole proprietorship, or run a single-member LLC, you will likely need to include a Schedule C (Profit or Loss from Business) with your 1040 Form.
The 1040 Form is your overall tax return, and Schedule C is a critical component for anyone reporting business income or losses. Together, they ensure you accurately account for your business activities and comply with tax laws.
Although doola does not help with preparing individual tax returns (form 1040), we do assist with Schedule C preparation.
To learn more, reach out to our team at hello@doola.com or sales@doola.com