Schedule C (Form 1040) is the essential tax form used by sole proprietors and single-member LLCs to report profit or loss from a business. This tag guides you through entering gross receipts, mapping business write-offs, and calculating net income. Optimize your Schedule C allocations to legally minimize your federal tax liabilities.
How to write off a computer, laptop or camera used for business in 2026: the $2,500 de minimis safe harbor, Section 179 (limit $2,560,000, business use over 50%), the restored 100% special depreciation allowance and regular depreciation, with three worked examples.
Quick answer: Schedule C is where every 1099 contractor and freelancer reports business income and expenses to the IRS. It has five parts — income, expenses, cost of goods sold, vehicle information, and other expenses — and the bottom line feeds directly into your self-employment tax and income tax. Part I: Income This is your … Read more
A free calculator that isolates your Social Security and Medicare tax — the 15.3% every 1099 worker owes regardless of deductions or credits.
How the IRS’s February 25, 2026 instruction change affects the no-tax-on-tips deduction for self-employed tipped workers, and why it’s worth double-checking an early-filed return.
A free calculator that turns your net self-employment income into what you’ll owe in self-employment tax, income tax, and how much to set aside each quarter.
