What is Schedule C?
Schedule C is a tax form to report either profit or loss from your business. You file it during tax season attached to your 1040. Even if you’re a full-time employee at a company and a freelancer as a side hustle, then you still have to fill out Schedule C for your freelancing business.
You also have to fill out a Schedule C for each freelance gig you pursue. For example, if you are a wedding photographer and an Uber driver, you’d need to fill out two Schedule C forms. The forms must be completed by April 15th for the previous tax year.
What you need to fill it out
Schedule C is a report of your businesses revenue. You’ll report net profit as income on your form 1040. You’ll need information like your social security number, business income statement, balance sheet from the year, inventory records, employer identification number (if you have one), receipts for any business expenses, and mileage and vehicle records, if you use a vehicle.