What Does Schedule C Mean?
A Schedule C is a tax form that self-employed people have to fill out when they are doing their taxes. This is how self-employed people report their earnings or their losses. In the context of insurance, self-employed people often report insurance costs on their schedule C forms in order to get deductions.
Insuranceopedia Explains Schedule C
A wide range of insurance policies are available for self-employed people. For example, a self-employed person may have property insurance, liability insurance, malpractice insurance, etc. Most insurance costs can be deducted for self-employed people. This is because insurance costs are viewed as expenses of the business. So, typically, self-employed people are only taxed based on the profits of their business after insurance costs and other relevant costs have been taken out on Schedule C forms.