Business income

Report business income on Schedule C

Taxpayers who operate their own business as a sole proprietor report their business income on Schedule C or Schedule C-EZ, and report the net income (or loss) on Form 1040 Line 12.

Line 12: Business Income

Report your net profit (or loss) from self-employment. If you are self-employed, an independent contractor, or operate an unincorporated small business, you will need to figure your profit or loss on Schedule C. Get an overview of the Schedule C, along with various tax tips for independent contractors.

If you rent out real estate, report your rental income on line 17 and attach Schedule E. If your business income is from a partnership or S-corporation, your income is reported to you on a Form K-1, which you must report on Schedule E, page 2. If your business is a farm, report your income on line 18 and attach Schedule F.

Business Income Tax Resources from the IRS:
Download Schedule C or Schedule C-EZ.
Read the Instructions for Schedule C
Access the Tax Guide for Small Business (Publication 334)