Form 1040 vs. Form 1040 Schedule C 2022-2023

Hey everyone i'm bradford with the penny pictures account of personal finance whether you just started driving for uber or renting out your house or finally started the business of your dreams congratulations you are now small business owner with that in mind you need to become familiar with the schedule c of the irs form 1040. this is how you're going to report all of your business expenses revenue and deductions for tax purposes let's jump into the schedule c and see how you fill it out so here we have the schedule c for form 1040 for the 2023 tax year starting from left to right top to bottom i'm going to walk you through how to fill it out the first part is going to be the name of proprietor that's going to be you then we're going to enter your social security number the next part a your principal business or profession plain english what is your primary business activity that you're doing so in this one i'm basing the business off the one that chase and i have as a partnership but in this example as a sole proprietorship so i'm going to say it's a content creator on youtube b enter your code from the instruction that corresponds to your business activity so you go to the schedule c instructions which i have a link down below if you go to the very bottom it's going to have a large list of various business types and activities along with the corresponding code find the code that best fits your business activity and then enter it into box b c business name if you don't have one leave it blank it's not required d your employer identification number or e i n most sole proprietorships...