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Automate updating financial data in IRS tax Form-1040 - Schedule C using the LiveFlow template in Google Sheets & Excel. Save countless hours on manually calculating the numbers.
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QuickBooks
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LiveFlow
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Connect to LiveFlowIRS Tax Form 1040 - Schedule C is a tax form used by self-employed individuals in the United States to report their business income and expenses as part of their individual income tax return. It is filed as an attachment to IRS Tax Form 1040.
Schedule C is used by taxpayers who are sole proprietors, single-member LLCs, and other entities that are not classified as corporations or partnerships. The form requires taxpayers to report their business income and expenses for the tax year, including gross receipts, cost of goods sold, and various business expenses such as rent, supplies, and equipment.
The net profit or loss from the business reported on Schedule C is then transferred to the taxpayer's Form 1040, where it is used to calculate their total taxable income and tax liability. Self-employed taxpayers are also required to pay self-employment taxes, which are reported on Schedule SE.
The deadline for filing Schedule C is the same as the deadline for filing Form 1040, typically April 15th of each year. However, taxpayers who are self-employed can request an extension of time to file their return by submitting Form 4868, which grants an additional six months to file the return.
