Schedule C is a form that self-employed individuals use to report their business income and expenses on their personal income tax return, also known as Form 1040. An S Corp, on the other hand, is a type of corporation that elects to be taxed under Subchapter S of the Internal Revenue Code. S Corps are similar to traditional corporations, but they are treated as pass-through entities for tax purposes, which means that the company’s income and losses are passed through to the shareholders and reported on their individual tax returns. The main difference between the two is that Schedule C is for self-employed individuals, while an S Corp is a type of corporation.
