Schedule C, Profit or Loss from Business, is a tax form part of the Form 1040 used to report profits or losses from businesses structured as a sole proprietorship or single-owner LLC.
The form helps calculate the total net income for the business and report business expenses and deductions for the past year.
The amounts on Schedule C are used on the business owner’s personal income tax return to calculate their amount of tax liability.
Business owners must use one single Schedule C per sole proprietorship or single-owner LLC, so owners of multiple entities attach and file a separate form for each.
All sole proprietorships and single-owner LLCs file Schedule C with their taxes, regardless of the amount of income earned.
The form also comes in the variation Schedule C-EZ depending on the total amount and nature of business expenses accumulated.
| Form | Purpose | Users |
| Schedule C | Lists business income, lists expenses, and calculates total net income of business | Any sole-proprietorship or single-owner LLC |
| Schedule C-EZ | Lists only primary information of business, calculates simple net income of business | Businesses with less than $5000 of expenses, no net loss, no employees, and no inventory |
The due date for Schedule C is April 15, since the form is filed along with the taxpayer's personal income tax return.
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