What's a Schedule C form?

Question

What is a Schedule C form? I own... well I am starting a small business, and I am a sole proprietor. I have asked several question about my EINm and people have mentioned the Schedule C form. Could you guys please clear up what it is, and what's its purpose?

Answer 1

1) Schedule "C" is for IRS tax form 1040.  It is your form for calculating  taxable profit or <loss> from operating a sole proprietorship. The "bottom line" profit or <loss> goes on line 12 of your individual tax form 1040. and a copy of schedule C is attached.

2) EIN is your social security number, if you have no employees other than yourself and/or your spouse.  If you haqve other employees, you need to fill out a form requesting an Employer Identification Number (EIN) for your business.  This number is the IRS equivalent of a ssn for your business.