What is a Schedule C and how do I create one?

An IRS Schedule C, or Profit and Loss, is a tax form you file with your Form 1040 to report income and expenses for your business. The resulting profit and loss is typically considered self-employment income.

Lili Premium and Lili Smart customers that received deposits last year have the ability to request a Schedule C, for the current year, through the Web App or their Mobile App. 

To request a Schedule C, please do the following:

 - go to the Main Menu located at the top left of the app
 - scroll down and choose the Statements & Reports option
 - choose Schedule C and the relevant year
 - read the disclaimer and then choose GET STARTED
 - fill in your net income values (freelance, business, payroll) and choose NEXT
 - follow any additional instructions to generate the Schedule C

Here is a portion of a Schedule C that is generated through Lili's app:


After requesting / generating the Schedule C, click on the download option found at the top right (refer to the red circle in the screen shot below) to save the Schedule C on your device.



Lili is a technology company and not a bank. Banking services are provided by Choice Financial Group, Member FDIC. The Lili Visa® Business Debit Card is issued by Choice Financial Group, Member FDIC, pursuant to a license from Visa U.S.A.