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Frequently Asked Questions

What is 1099 income on Schedule C?

Schedule C is the tax form you file with your income taxes that reports your income and expenses for your business. 1099 is what a business may issue an independent contractor when they pay them over $600. It simply reports to the IRS how much they paid the contractor.

Where to find Schedule C in taxes?

Schedule C - Profit or Loss from Business is part of the individual income tax return IRS Form 1040. It shows the income of a business for the tax year, as well as deductible expenses. The resulting net profit or loss of the business, found on line 31, is then reported (beginning with 2018 taxes) on Schedule 1 (line 12) of Form 1040.

Who's required to fill out a Schedule C IRS Form?

Anyone who operates a business as a sole proprietor must fill out Schedule C when filing his or her annual tax return. IRS form Schedule C accompanies the main tax return form, 1040, for taxpayers who must report a profit or loss from their business.

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