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Schedule K-1
Schedule K-1 is a tax form used in the United States to report an individual's share of income, deductions, and credits from partnerships, S corporations, or trusts.
Schedule C
A tax form used by sole proprietors to report profit or loss from a business, detailing income, expenses, and net profit.
Royalty Income
Income received from the use of one's property or intellectual property (like patents, copyrights, literary works) by others, often as a percentage of revenues.
Deduct Expenses
The process of subtracting eligible costs from gross income, reducing the overall taxable income and, consequently, the amount of tax owed.
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