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Your Schedule C form accompanies your 1040 and reports business income, expenses, and profits or losses. If you’re a 1099 contractor or sole proprietor, you must file a Schedule C with your taxes. Independent contractors (also known as 1099 contractors) use Schedule C to report business income.
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In the following article, we’ll provide an overview of IRS Schedule C instructions for independent contractors.
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Specifically, you must report your business income and related expenses on Schedule C, Profit or Loss from Business (Sole Proprietorship). However, Form 1040 includes additional requirements for 1099 contractors. 1099 contractors must use IRS Form 1040 to report income.
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Contractors don’t have an employer, so they’re responsible for paying taxes and reporting their income. For independent contractors, filing taxes is a little more complicated.
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