Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship)

If you are the sole owner of a business or operate as an independent contractor, you will need to file a Schedule C to report income or loss from your business activities.

If you have $400 or more of business income over and above your expenses, you need to file a Schedule C or C-EZ, and a Schedule SE to pay self-employment tax, even if you would not otherwise have enough income to be required to file a tax return.

Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship)

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For more information, see our discussion of Schedule C.