# @turbotax on YouTube - **Type:** Video - **Original URL:** https://youtube.com/watch?v=zPHCoebpDA0 - **Gondola URL:** https://gondola.cc/posts/68484611-turbotax-youtube - **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/postThumbnails/716fc05486.jpg - **Posted:** 2026-07-23T18:59:49.000+00:00 - **Account Owner:** Intuit TurboTax (@turbotax) — https://gondola.cc/turbotax ## Caption 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 Part 1 of Schedule C used to report business income, and what can be subtracted from it if you sell products? Part 1 is used to report all of your business income, including payments received on forms like 1099-NEC, 1099-MISC, or 1099-K. If you sell a product, you can subtract costs like customer refunds (for defective, damaged, or unwanted products), discounts allowed instead of a refund, and the costs of producing or acquiring the items you sold. What are the functions of Part 2, Part 4, and Part 5 of Schedule C when dealing with business expenses? Part 2 is where you report common, standard business expenses (such as advertising, car/truck expenses, home office costs, insurance, rent, supplies, taxes, and travel) to deduct them from your business income. Part 4 is used specifically to provide vehicle details if you are deducting expenses for a car or truck used for your business. Part 5 is used to report any other deductible business expenses that were not already reported in Part 2. The total from Part 5 is ultimately added back to your other business expenses in Part 2. What Is A Schedule C IRS Form? - https://turbotax.intuit.com/tax-tips/self-employment-taxes/-what-is-a-schedule-c-irs-form/L7v0iDelI Subscribe to TurboTax for more tax tips: https://youtube.com/@turbotax?sub_confirmation=1 File Taxes Confidently: https://turbotax.intuit.com Watch More! Newest Videos: https://www.youtube.com/playlist?list=PLFp3vOMRjJ0UDjdDOm_xf34wM8M02QdyX Taxes FAQ's & How-Tos: https://www.youtube.com/playlist?list=PLFp3vOMRjJ0XeTa2-hDiZbn9hQHrhogy_ How to File Your Taxes: https://www.youtube.com/playlist?list=PLFp3vOMRjJ0UjyRJBSn7-5WDGYA64o3iQ Follow TurboTax: Instagram: https://instagram.com/turbotax Facebook: https://facebook.com/turbotax TikTok: https://tiktok.com/@turbotax Pinterest: https://pinterest.com/turbotax TurboTax offers a variety of services, from filing your own taxes to getting expert advice, and even having someone file on your behalf. Our channel is here to answer your biggest tax questions and help you navigate the filing process with confidence. #TurboTax #Taxes #Finance ## Stats - **Views:** 608,219 - **Likes:** 21 - **Shares:** 0 - **Comments:** 1 ## Tags finance, turbotax, taxes --- Copyright (c) Gondola