Filing taxes for your small business can feel overwhelming—especially when it comes to Schedule C. If you’re self-employed, run a side business, or operate as a sole proprietor in Austin, Texas, you’ll likely need to file a Schedule C form. But what does it really mean, and how can you make sure you’re doing it right? Don’t worry—I’m here to break it down and help you avoid costly mistakes.
What Exactly Is Schedule C?
Think of Schedule C as the IRS’s way of asking:
“How much did your business make, and what did you spend to keep it running?”
It’s a form attached to your personal tax return (Form 1040) where you report your business income and expenses. If you’re earning money through freelancing, a side gig, or as a single-member LLC, you’re required to file it.
Do you need to file a Schedule C?
- Running a sole proprietorship or single-member LLC
- Freelancing or side hustling with self-employment income
- Gig work or contract jobs without a W-2
If you fall into any of these categories, Schedule C helps the IRS calculate your taxable profit—and how much you owe in taxes.
The Common Mistakes You Want to Avoid
Filing Schedule C sounds straightforward, but it’s easy to make costly mistakes if you’re not careful.
- Forgetting to Report All Income
Did you receive payments outside of 1099s? Cash, direct deposits, or PayPal income still count—and not reporting them can trigger IRS issues.
Solution: Keep clear records of all income sources and work with a small business CPA in Austin for accurate reporting. - Missing Key Deductions
Are you claiming everything you’re entitled to? Expenses like home office deductions, mileage, and business supplies can significantly lower your tax bill.
Solution: As a trusted Austin CPA firm, we ensure you capture every allowable deduction while staying fully compliant. - Mixing Personal and Business Finances
If you’re using one account for personal and business spending, things can get messy fast.
Solution: Open a dedicated business bank account to keep things separate. - Misclassifying Expenses
Accurate expense reporting matters. Misplacing costs under the wrong category can lead to IRS scrutiny.
Solution: Our Austin accounting services help you track and categorize expenses properly, ensuring clarity and compliance. - Forgetting Self-Employment Taxes
When you’re self-employed, you’re responsible for both the employer and employee portion of Social Security and Medicare taxes—around 15.3% of your net earnings.
Solution: Our CPA services in South Austin help you plan ahead for these tax obligations with proactive strategies.
How Insogna CPA Makes Schedule C Filing Simple for You
You shouldn’t have to stress over tax forms when you’re busy running your business. That’s where we come in. At Insogna CPA, we specialize in helping business owners across Austin, Texas, and nearby areas like Round Rock, TX, simplify their taxes while staying compliant.
Here’s how we help you with Schedule C filing:
- Year-Round Tax Planning
Taxes shouldn’t be a once-a-year headache. Our Austin accounting services include proactive planning to avoid surprises and keep you prepared all year long. - Maximizing Deductions
Missing deductions can cost you. We’ll make sure you claim every business expense you’re entitled to—while ensuring everything is properly documented for IRS compliance. - Handling Complex Filings
Confused by forms like Schedule SE for self-employment taxes? We handle the entire filing process, so you can focus on growing your business while we handle the numbers. - Personalized Financial Guidance
Beyond taxes, we offer customized coaching to help you manage cash flow, structure your business better, and plan for long-term success.
Why Work with Insogna CPA Instead of DIY Software?
You might be wondering—why not just use DIY tax software? Here’s the difference working with a licensed Austin, Texas CPA makes:
- Tailored Expertise: Software can’t personalize advice the way a CPA can. We offer solutions for your unique business situation.
- Maximized Savings: We know the deductions software often overlooks—helping you save more money.
- Audit Protection: We ensure accuracy and compliance to minimize audit risks.
- Year-Round Support: Our Austin accounting firm provides financial guidance beyond tax season.
Stop Stressing About Schedule C—We’re Here to Help
Filing Schedule C doesn’t have to be stressful when you have the right support. At Insogna CPA, we simplify the process, keep you compliant, and help you keep more of your hard-earned money.
📞 Ready to simplify your Schedule C filing? Contact Insogna CPA today and experience the difference a trusted financial partner can make.