Federal Form 1040 Schedule C - Profit Or Loss From Business

The Form 1040 Schedule C, titled "Profit or Loss From Business," is a crucial component of the U.S. individual income tax return. This form is used by sole proprietors, freelancers, and independent contractors to report their business income and deductible business expenses. In a nutshell, Schedule C helps individuals engaged in business activities calculate their net profit or loss, which is then incorporated into their overall income on Form 1040.