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How to prepare IRS 1040 - Schedule C 2023 Form
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Video instructions and help with filling out and completing IRS 1040 - Schedule C 2023 Form
Instructions and Help about IRS 1040 - Schedule C 2023 Form
Hey everyone this is Josh with job business solutions and today we're going to a short video on filling out a Schedule C is used to report your business income it is mostly for people who are sole proprietors meaning you don't you never set up any business entity, and it's also for people who are an in an LLC and their that it's called a single-member LLC meaning you're the only member you don't have any partners so if that's the case you'll also put this on your Schedule C is just a form in your personal tax return it's going to take all the information it's going to summarize it here, and it's going to bring one number over to your 1040 to go either offset or add to your income from other sources like w-2s that kind of stuff, so it's a lot of people find this form pretty confusing after you see if it's pretty straightforward so it starts out it wants to know the name of the proprietor which is you so in this case put my name social security number zero zero zero zero okay and principle business or profession including product or service, so this is kind of what you do for this example we'll use my business we'll say tax preparer the business code it's a six-digit code and the each each sort of industry has their own code if you're using tax software they're going to give you kind of drop-down menu to choose from if you're trying to fill this out by hand which I strongly recommend you don't but if you do just go to google and google the business code for whatever business code for retail sales and something will come up it'll give you a code you...