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This article discusses the basic steps for completing SCH C.
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About Form SCH C
Taxpayers who file Form SCH C are considered self-employed.
Self-employment in excess of $400 MUST be reported to the IRS.
Self-employment income is income received from the sale of products or services by an
individual.Taxpayers may use the same SCH C for multiple forms, as long as the work is the same type of work.
Some taxpayers may have a BOI reporting requirement, see What is the BOI Reporting Requirement?, for more information.
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Adding SCH C
Select Add Form.
Locate and highlight SCH C in the All Forms & Schedules Menu. Double-click to add.
If a joint return, choose New Taxpayer's or New Spouse's Occurrence
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Complete Part II-Expenses as needed.
Taxpayers may claim all necessary and ordinary business expenses.
Taxpayers must report expenses accurately and should keep records to substantiate all claims.
DO NOT use SCH C to report expenses claimed from a taxpayer’s W-2 job.
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Related Articles What is the Qualified Business Income Deduction (QBID)? What is the BOI Reporting Requirement? Due Diligence Documents |
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