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Form Instructions 1040 (Schedule C) online PA: What You Should Know
Schedule C must be filled out for each taxpayer. If you are a sole proprietor that receives income from a business, you must make Schedule C to report your personal income. If you have other tax sources for which you need to complete Schedule C, complete Schedule C-T and include the appropriate line(s). If you don't need to report any personal income, you can also complete Schedule D and include the appropriate line(s). If you're a corporation, corporation stock that you received as a shareholder or employee should be included in the “Other income” line. If you have a business relationship with an unrelated person or entity, you must complete Form 8938, Business Income Tax Return. Taxpayer Identification Number (EIN): Enter the 10-digit number assigned by the IRS. To find out what EIN to use, visit IRS .gov/EIN or Call, TTY. If you provide services to your business or profession as an independent contractor that is not a “Sole Proprietor” or “Employer” (unless all owners are individually or jointly engaged), you don't make Schedule C — You must file a Schedule C for these services to be eligible to deduct the income you receive as an EIN holder on your 1040. Taxpayers under age 16, and spouses and dependent children under age 17, may not be included on Schedule C if a parent(s) were treated as a sole proprietor if a Form 1065-C is needed. The EIN holder must attach a copy of the Form 1065-C before their payment. You may be required to attach this information to your Schedule C when you file if your information isn't included on the Tax Appraisal Worksheet and you can't provide a copy of this information by you are completing the 1040. Taxpayers without a qualifying business use or profession business may not be eligible to participate in Schedules C, F, and I based on a qualifying business use or profession. Schedule C (Form 1040) Income Credit Reportable Items What Qualifies You to claim a 1040 Credit? If the deduction you claim on line 27 of Schedule C is not equal to 3 percent of the amount by which: a.
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