Schedule C
Definition
The US tax schedule a sole proprietor or single-member LLC uses to report the income and expenses of a business, with the resulting profit or loss flowing to the owner's individual return.
Related Terms in US Tax
Schedule SE
The US schedule used to calculate self-employment tax — the Social Security and Medicare contributions owed by self-employed people on their net earnings.
Self-Employment Tax
The US Social Security and Medicare tax paid by self-employed individuals on net self-employment earnings, covering both the employee and employer shares that an employer would otherwise split.
Qualified Business Income (QBI) Deduction
A US deduction under Section 199A allowing eligible owners of pass-through businesses to deduct a portion of their qualified business income, subject to income thresholds and limitations.
Standard Deduction (US)
A fixed amount US taxpayers can subtract from income instead of itemising deductions, varying by filing status and adjusted annually. Taxpayers choose whichever is larger — the standard deduction or itemised deductions.
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