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Schedule C (Form 1040)

Schedule C (Form 1040)

IRS Schedule C (Form 1040) for reporting 2024 sole proprietorship business income, expenses, and net profit or loss.

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Frequently asked questions

IRS Schedule C (Form 1040) 2024 is used to report profit or loss from a sole proprietorship. The filer enters their name and SSN, business name, address, EIN (if any), business activity code, and accounting method. The form calculates gross income from sales and other income, then subtracts deductible expenses such as advertising, vehicle expenses, contract labor, depreciation, rent, utilities, wages, taxes, travel/meals, and home office costs to determine net profit or loss. It also includes sections for cost of goods sold, vehicle information, and other expenses, plus compliance questions about participation and 1099 filing.
Individuals filing a U.S. federal tax return who operated a sole proprietorship (including many single-member LLCs treated as sole proprietors).
Attach to and file with your federal income tax return (e.g., Form 1040/1040-SR) submitted to the IRS (typically e-filed or mailed with the return).

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