Self-employed people who are sole proprietors use Schedule C to report their business income and expenses for the year. Your business expenses are deducted from your business income to calculate your profit or loss for the tax year. Watch this video to learn more about how to report business income and expenses on Schedule C. 00:00 - Intro 00:16 - What Is Schedule C? 00:24 - Schedule C: Part 1 00:50 - Schedule C: Part 2 1:08 - Schedule C: Part 3 1:14 - Schedule C: Part 4 1:22 - Schedule C: Part 5 1:31 - What Does This Mean For Your Taxes? FAQ: Who needs to file Schedule C with their federal tax return, and what is its main purpose? You will likely need to file Schedule C if you are self-employed as a sole proprietor, which includes freelancers, people running side gigs, and owners of single-member LLCs that are not taxed as corporations. The primary purpose of the form is to help you report your business income and expenses to determine your profit or loss for the year. How is P...