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 financial technology company, not a bank. Banking services are provided by Choice Financial Group, Member FDIC, or Sunrise Banks, N.A., Member FDIC. The Lili Visa® Debit Card is issued by Choice Financial Group, Member FDIC, or Sunrise Banks, N.A., Member FDIC, pursuant to a license from Visa U.S.A., Inc. Please see the back of your Card for its issuing bank. The Card may be used everywhere Visa debit cards are accepted. Wire Transfer service provided by Column Bank N.A., Member FDIC. All wires are subject to acceptance criteria and risk-based review and may be rejected at the sole discretion of Column Bank N. A. or Lili App Inc.