SCHEDULE C (Form 1040 or 1040-SR) Department of the Treasury Internal Revenue Service (99) Profit or Loss From Business (Sole Proprietorship) Go to www.irs.gov/ScheduleC for instructions and the latest information. Sequence No. Attach to Form 1040, 1040-SR, 1040-NR, or 1041; partnerships generally must file Form 1065. OMB No. 1545-0074. 2019
Information about Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship), including recent updates, related forms, and instructions on how to file. Schedule C (Form 1040) is used to …
If you have an active LLC but did not earn income from it during the tax year then the answer is no, you do not have to file a Schedule C for an LLC. However, if you don’t file a Schedule C for an active LLC, then you can’t do the following: Deduct any business expenses that could offset other income on your return.
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.