What is the Schedule C?
Sole Proprietorships and LLCs allow for easy tax reporting and record keeping: you report your business financial activity for tax purposes on Schedule C of Form 1040.
The Schedule C is unique in that it is simply considered an extension of your individual tax return. Accounting for income and deductions is simple for a sole proprietorship or LLC. It is not required to have a separate checking account for business transactions, so you can use your personal checking account and personal credit cards for business expenses.
Note: Consult your tax professional to see if this fits your circumstances. This is not to be taken as tax advice. Please refer to our End User License Agreement.