![]() If it involves rental income or royalties, fill out Schedule E. For example, if your freelance work involves farming, you should fill out Schedule F. This means anyone who runs a business as a sole proprietor or earns income as an independent contractor, a freelancer, a gig worker or a business owner.Īccording to the IRS, you qualify as a business if you pursue your gig work regularly, and you continuously earn an income.Ĭertain side gigs require their own schedules. The business can have employees or an office, but it doesn't need to have them in order to be classified as an LLC.Īnyone who is self-employed can file a Schedule C. That person will use Schedule C to calculate taxes if their business is not paying taxes as a corporation. When you are filing as a single-member LLC, Schedule C helps reduce the paperwork that is otherwise required when filing as a full-fledged company.Ī single-member LLC is a business entity that's owned by one person. ![]() Form 1040 Schedule C is useful for both sole proprietors and single-member limited liability corporations (LLCs).
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