WASHINGTON — The IRS has launched a campaign to help educate new self-employed small-business owners about federal tax responsibilities.
The campaign will provide new Schedule C, Profit or Loss from Business, filers with improved and updated educational materials through a variety of channels, including IRS.gov, small business workshops and other outreach events, the agency said.
Schedule C is filed by sole proprietors as an attachment to their Form 1040 individual income tax return. Self-employed individuals with less complex situations, including business expenses of less than $5,000, no net losses and no employees, may be able to file Schedule C-EZ, Net Profit for Business, according to IRS.
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