Fill Form 990 Schedule H Instructions 2023-2024

Hey everyone, this is Josh with JDB Business Solutions. Today we're going to do a short video on filling out a Schedule C. Schedule C is used to report your business income. It is mostly for people who are sole proprietors, meaning they haven't set up any business entity. It's also for people who are in a single-member LLC, meaning they're the only member and don't have any partners. If that's the case for you, you'll also need to fill out this form. Schedule C is just a form in your personal tax return that takes all the information and summarizes it. It then brings one number over to your 1040 to either offset or add to your income from other sources, like W-2s and such. Many people find this form confusing, but once you see it, it's pretty straightforward. So, let's begin. It starts by asking for the name of the proprietor, which is yourself. In this case, put your name and your Social Security number. Next, it wants to know the principle business or profession, including the product or service. For this example, let's use my business and say "tax preparer." Then, there's a six-digit business code. If you're using tax software, you'll be provided with a dropdown menu to choose from. If you're filling this out by hand, you can your industry and find the appropriate business code. Moving on, if you never set up a business entity, you can just put your name as the business name. However, if you registered with the state as an official business, put the actual name here. In my case, it would be "JDB Business Solutions." The employer ID number is a 9-digit code that you used when registering with the IRS. If you're not a corporation, there's a chance you never...