What Form 1120 C Exempt 2023-2024

Welcome back to another video for Harbor Financial Online.com. Today, I'm going to be talking about the Schedule C form and how to prepare it, as well as what you should be reporting on this form. Let me get the video going here. You'll use the Schedule C form to report income or losses from a business you operated as the owner. You'll qualify as a business if your purpose was to make money, even if you experienced losses during the year. This is based on your intent. If your intent was to make a profit, even if you lost ten or twenty thousand, you still report it on Schedule C. Schedule C is an attachment to the 1040 form. You can have a regular job and still have a small business. The information for that small business is reported on Schedule C, which is attached to the 1040. You don't need a business ID number to prepare the Schedule C, just a social security number. You don't even need a name for your business. You can simply put a general description of what you do. For example, if you're in sales, you could just put "marketing." You can use the same address as your home address, especially if you don't have an office outside of your house. Most small businesses have a home office as their primary address, so you can use that same address. In the guide, there is an option to check "same as home address," so that's not a problem. On Schedule C, you'll report all your income: checks, cash payments, and any other forms of income related to your small business. Now, let's take a look at the Schedule C itself. At the top, it clearly states "profit or loss from the business." If you only had a profit,...