Schedule C(small business)
Schedule C: self-employed and small business tax filing U.S. freelancers.
Small business owners, and self-employed people must disclose their income to the IRS. The main tax form for such circumstances is Schedule C (Profit or Loss from Business), filed with Form 1040. Incorrect filing might result in fines, overpayments, or tax service troubles. Entrepreneurs can lower their tax burden and avoid mistakes by having ILLION prepare and file Schedule C.
Who must submit Schedule C?
✔This encompasses freelancers and self-employed individuals, including designers, programmers, copywriters, consultants, and other specialists who do not have an employer.
✔ Small business proprietors — those without a registered firm (LLC, S-Corp) yet engaged in entrepreneurial activity.
✔If income from renting property or online sales is considered a business, landlords and marketplace vendors belong under this category.
✔ Independent contractors include taxi, courier, and Uber/Lyft drivers.
What does Schedule C preparation service include?
- Analyzing and collecting data Determine tax requirements.
- The documents include 1099-NEC, 1099-K, bank statements, and expenditure receipts.
- We are conducting a tax deduction analysis.
- Tax base optimization
- I am responsible for accounting for business expenses such as rent, internet, advertising, and transportation.
- I am applying tax benefits and deductions, specifically the home office deduction.
- The process involves the depreciation of equipment and assets.
- Declaration preparation and submission
- I am filling out Schedule C accurately and per IRS guidelines.
- We recommend e-filing for fast processing.
- We are verifying the accuracy of the data.
- Post-submission support
- We are tracking the declaration status.
- IRS inquiries clarified.
- We provide support for corrections.
Schedule C submission deadlines
The standard deadline is April 15 (unless extended).
A possible extension until October 15 is available upon request.
How to lower Schedule C taxes?
🔹 Deductible company expenses include rent, equipment, promotion, and automobiles.
🔹 Consider working from home if you use part of your home as an office. 🔹 Insurance and pension contributions and tax base expenses.
🔹 Business-related education and course expenditures.
Why pick ILLION?
✔We save time and money by optimizing taxes and ensuring error-free filing.
✔ Our pricing is transparent and fixed, with no hidden fees.
✔We serve clients in diverse areas, including IT freelancers and café operators.
✔We handle your financial data with confidentiality and security.
✔We provide assistance to non-residents conducting business in the US.
Apply for Schedule C preparation! ILLION helps you file on time and save on taxes.
Trust ILLION for tax reporting!
If you use your personal car for business purposes, you can deduct mileage as a tax write-off. To achieve this, you need to keep an accurate record of miles to prove the expenses and obtain a legitimate tax reduction.
Some popular mileage tracking apps include MileIQ, Stride, Everlance, and TripLog. They automatically track routes, classify trips, and generate reports for tax returns and expense tracking.
A home office is a part of a residence used exclusively and regularly for work or conducting business. It must serve as the primary location for conducting business or hosting client meetings.
Freelancers, business owners, and consultants can account for a home office. Employees on a salary cannot deduct an office, even if they work remotely, except in special cases, such as disability.
Usually, expenses for fuel, car repair and maintenance, insurance, depreciation, mobile communication, packaging, as well as mileage related to deliveries are taken into account. You can deduct these expenses to lower your taxes.
A single-member LLC is considered a disregarded entity and is reported on the personal tax return using Schedule C. Additionally, it is necessary to keep track of income and expenses, store supporting documents, and file a self-employment report.