What tax form is used by self-employed individuals to report income and expenses?

Self-employed individuals use Schedule C to report their income and expenses from their business activities. This form is part of the individual income tax return process and is submitted along with Form 1040. It details the revenue earned from self-employment activities, as well as the expenses incurred in running the business, which can be deducted to offset income.

Schedule C allows taxpayers to clearly outline both gross earnings and specific costs related to their business, providing a comprehensive view of their net profit or loss. This information is essential for ensuring accurate tax calculations and compliance with IRS requirements for self-employed individuals.

Other forms mentioned have distinct purposes. Form W-9 is primarily used to provide taxpayer identification information to entities that may need to report payments made to a self-employed person. Form 1040 is the standard individual tax return that reports overall income, but it does not itemize business income and expenses like Schedule C does. Form 1099 is utilized to report various types of income other than wages, salaries, and tips, but it does not serve to report the detailed breakdown of self-employment income and expenses.