How to Fill Out Schedule C Form 1040 for 2023 | Taxes 2024 | Money Instructor

Learn how to complete Schedule C for IRS Form 1040 Sole Proprietorship, ensuring you report your business income, expenses, and deductions correctly. This step-by-step guide provides essential tips for self-employment, freelancers, independent contractors, small business owners, and online entrepreneurs to navigate tax season.

A lesson on managing your taxes with our walkthrough on Schedule C. Learn the significance of accurate income, expense, and deduction reporting for tax filing. We'll cover the importance of gathering key documents like financial statements, receipts, and bank statements, along with specialized records such as mileage logs and inventory for businesses selling products. Discover how to categorize your business accurately with the correct codes and choosing the right accounting method. Uncover reporting business income and the role of detailed expense tracking in maximizing your deduction, including home office, vehicle, and others. Also highlights the process for calculating the cost of goods sold for product-based businesses and the impact of your net profit or loss on taxable income.

*SUBSCRIBE TO OUR YOUTUBE CHANNEL:*

(This is an affiliate link and we may receive compensation if you use this service. We appreciate your support, as it helps us create more content for you). If your tax situation is complex, it is strongly recommended to use a tax filing software or seek the assistance of a certified public accountant (CPA) to ensure accuracy and compliance. This video provides an overview of the basic process of filling out Form 1040 Schedule C, but does not cover more complicated tax scenarios. Remember that every individual's tax situation is unique, so it is essential to consult the official IRS instructions when preparing your tax return on your own

For more tax information and resources:

For more paying taxes lessons and lesson plans:

RELATED VIDEOS:

RELATED PLAYLISTS:

Money Instructor is the leading source for financial education and skills development. For over two decades, we have been assisting educators, students, parents, and others in teaching and learning about money skills, personal finance, money management, investing, business, and career development. We provide resources and tools to help teachers, parents, and institutions teach these crucial skills to young people. By doing so, we also aim to reinforce basic math, reading, vocabulary, and other fundamental skills that are essential for success in life.
------------------------------------------------------------------------------
#taxes
#taxes2024
#taxes2023
#taxseason
#incometax
#taxreturn
#taxpreparation
#taxtime

Money Instructor does not provide tax, legal or accounting advice. This material has been prepared for educational and informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors regarding your own situation. Although the information has been researched and vetted beforehand, it may not be current at the time of viewing.

[joannaraimo]

Would not have been able to do my taxes without this video. Thank you!

[chelseymelaa]

Exactly what I needed and it used freelance as the example, most only use small businesses

[dunoripavalan]

Thank you very much for this; especially as a first timer with it. One question - once we tally up everything on the Schedule C is the total(s) moved copied to the main 1040 form for calculating total income? What line on the 1040 if so?

[synthesizerisking]

They are getting on my absolute nerves when they keep saying the classification is independent contractor, when that title is NOWHERE to be found on that long drop down occupation classification list! I see food and beverage, but that could mean working in fast food restaurants which is not the same as driving food to customers!!!! Somebody Also says driver warehouse. Uber eats is not a warehouse and I don’t drive a delivery truck. They need to put gig economy on the occupation classification list!!

[kmarshkm]

Do i need to create journal entries from my schedule c so that my P&L match, for like car & truck expenses, meal, etc?

[brandogenius]

hey great info I am wanting to ask about something different this topic with creidt karma. I File taxes with them in 2019 is their a way to get the orignal 1040 docs from them still. all of them

[jayWillam-fzcv]

We are now in 2024youall need to stop the same old thingt in 2024 just stop talking about people income tex people work for that irs money don have nothing to do with stimulate check that two cases every body should should get a stimulate check t hat in the air

[jayWillam-fzcv]

We are now in 2024youall need to stop the same old thingt in 2024 just stop talking about people income tex people work for that irs money don have nothing to do with stimulate check that two cases every body should should get a stimulate check t hat in the air