How to Fill Out Form Schedule C on FreeTaxUSA

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Published on February 15, 2025 12:15:02 PM ● Video Link: https://www.youtube.com/watch?v=GWbzg7hLgkA

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How to Fill Out Schedule C on FreeTaxUSA
Schedule C (Profit or Loss from Business) is used to report self-employment income and business expenses. If you're a freelancer, contractor, or small business owner, you'll need to complete this form on FreeTaxUSA when filing your tax return.

Steps to Fill Out Schedule C on FreeTaxUSA
1. Log In to FreeTaxUSA
Visit www.freetaxusa.com and sign in.
Start a new tax return or continue an existing one.
2. Navigate to the Business Income Section
From the dashboard, go to "Federal Taxes" - "Income"
Scroll down and select "Self-Employment Income (Schedule C)"
3. Enter Business Information
Business Name (if applicable)
Principal Business Activity (e.g., graphic design, rideshare driver, consulting)
Business Code (NAICS Code) – FreeTaxUSA provides a lookup tool.
Employer Identification Number (EIN) (if applicable)
Accounting Method (Cash or Accrual) – Most small businesses use Cash Basis.
4. Report Your Business Income
Enter the total self-employment income (from 1099-NEC, 1099-K, or personal records).
Include any additional revenue (cash, checks, PayPal, Venmo, etc.).
5. Enter Business Expenses
FreeTaxUSA provides categories to enter deductible business expenses, such as:
✅ Advertising & Marketing
✅ Home Office Deduction
✅ Office Supplies
✅ Vehicle Mileage & Expenses
✅ Meals & Entertainment (50% deductible)
✅ Internet, Phone, & Utilities
✅ Legal & Professional Fees

Enter amounts accurately from your records.

6. Depreciation (If Applicable)
If you bought business equipment, furniture, or a vehicle, you may need to depreciate it.
FreeTaxUSA will guide you through the depreciation process.
7. Review and Submit Schedule C
Double-check all entries for accuracy.
FreeTaxUSA will calculate self-employment tax (Schedule SE) automatically.
Click Continue to move forward and file electronically.
Additional Tips
Keep receipts and records in case of an IRS audit.
If your net profit is over $400, you must pay self-employment tax (Social Security & Medicare).
Use the Home Office Deduction if you work from home to maximize tax savings.
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