Individuals – Schedule C – Entering Sole Proprietorship in Program
If you own a business, freelance, or earn money through gig work, you are generally considered self-employed. You can enter Qualified Business Income (QBI) related to self-employed or sole proprietor income when entering the details about that Sole Proprietorship.
You may receive Form 1099-NEC or Form 1099-K reporting income or transactions related to your self-employment. You will select all applicable income forms when asked about the forms of income or income sources that you have during the Schedule C interview process.
TIP: The IRS provides more detailed information to help you determine if you are self-employed on the Self-employed individuals tax center.
To enter the income and expenses related to your business on Schedule C, follow the steps below:
TaxAct Online
Dashboard
- From within your TaxAct return, click Income.
- On smaller devices, click the menu at the top left corner of your screen, then make your selection.
- Expand the Business & Self Employed section.
- Click Add beside Self-Employment/Gig Work (Schedule C).
- Continue with the interview process to enter your information.
Classic
- From within your TaxAct return, click Federal.
- On smaller devices, click the menu at the top left corner of your screen, then make your selection.
- Click the Business Income drop-down, then click Business income or loss from a sole proprietorship.
- Click Add Schedule C.
- Continue with the interview process to enter your information.
Desktop
- From within your TaxAct return, click Federal.
- Click the Business Income drop-down, then click Business income or loss from a sole proprietorship.
- Click Add beside Schedule C.
- Continue with the interview process to enter your information.
Related Links
- Schedule C – Entering Business Expenses in Program
- Business Income vs. Nonbusiness Income
- Qualified Business Income Deduction – General Information
- Qualified Business Income Deduction – Pass-Through Partnership Income
- Qualified Business Income Deduction – Pass-Through S Corporation Income
- Qualified Business Income Deduction – Rental or Real Estate Income
- Qualified Business Income Deduction – View Entries
- IRS Publication 535