Nearly 20% of U.S. Taxpayers File Schedule C

According to IRS statistics, 18% of all Form 1040s filed for 2021 included a Schedule C, or 5% more than in 2020. This schedule is used by sole proprietors, independent contractors, and one-member LLCs (who don’t elect to be taxed as other than a “disregarded entity”) to report their business income and expenses. #IdeaoftheDay