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What is Schedule C and who has to file it in 2020?

Its for income from self employment. Anyone who has more than $ 600 of self employment income should file it. You report your income received from self employment (whether or not you received a 1099 for it) and any relevant, ordinary and necessary business expenses as deductions from that revenue. So what is self employment income? Aside from the obvious work done for pay, such as an independent contractor or tradesman, selling goods on ebay or craigslist qualifies too. If you are uncertain about whether you need Schedule C, you should see a CPA or EA. because making an error here can cost you a lot of money and cause a lot of grief. (from the friendly folks at the IRS)

More Questions about Form 1040 (Schedule A)

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