Schedule C, also known as “Form 1040, Profit and Loss,” is a year-end tax form used to report income or loss from a sole proprietorship or single-member LLC.What is 1040 Schedule?
Schedule D (Form 1040) is used to report sales, exchanges or certain involuntary conversions of capital assets, certain capital gain distributions, and nonbusiness bad debts. The form includes the tax computation using maximum capital gain rates.How do you fill out a Schedule C?
To complete Schedule C, you need records of the income your business received and the cost of goods sold. You must list your business expenses; these include things like rent, utilities, insurance, taxes and depreciation.