What expenses are deductible on Schedule C?

Advertising, car and truck expenses, depreciation, insurance, legal fees, office expenses, rent, repairs, supplies, travel, utilities, wages, and home office deduction if qualifying.

How does home office deduction work on Schedule C?

Simplified method: $5/sq ft up to 300 sq ft ($1,500 max). Regular method: actual expenses multiplied by the office/home ratio. Must be used regularly and exclusively for business.

Can a Schedule C show a loss?

Yes, but hobby loss rules apply. If you show a loss in 3 of 5 consecutive years, the IRS may reclassify as a hobby, disallowing losses exceeding hobby income.

What is the mileage rate for 2024?

The IRS standard mileage rate is 67 cents per mile for 2024, up from 65.5 cents in 2023. Alternatively, deduct actual vehicle expenses.

Does Schedule C income affect Social Security?

Yes. Schedule C net profit is subject to self-employment (SE) tax covering Social Security (12.4%) and Medicare (2.9%). You deduct half of SE tax on Schedule 1.

US Schedule C Self-Employment Profit/Loss Calculator

Calculate Schedule C net profit or loss for sole proprietors and single-member LLCs. Gross income minus all deductible business expenses. Feeds SE tax and QBI deduction calculations.

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Annual Rate (%)

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$ Finance Disclaimer: These calculators are for educational and illustrative purposes only. Results do not constitute financial advice. Consult a licensed financial advisor before making investment or borrowing decisions.

How to Use

Enter the values for the scenario you are assessing. Calculate Schedule C net profit or loss for sole proprietors and single-member LLCs. Gross income minus all deductible business expenses. Feeds SE tax and QBI deduction calculations. Use the schedule c profit/loss result to inform your calculation.

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