Schedule C

What Does Schedule C Mean?

A Schedule C is a tax form that self-employed individuals must complete when filing their taxes. It is used to report their earnings or losses. In the context of insurance, self-employed individuals often report insurance expenses on their Schedule C forms to qualify for deductions.

Insuranceopedia Explains Schedule C

Self-employed individuals have access to a wide range of insurance policies, such as property insurance, liability insurance, and malpractice insurance. Most insurance costs are deductible for self-employed people, as these expenses are considered part of the business’s operational costs. As a result, self-employed individuals are generally taxed only on their business profits after deducting insurance costs and other relevant expenses reported on their Schedule C forms.