Take one of the three gig or side businesses that you described in the Gig Economy Project – Part 1 and fill out a hypothetical Schedule C for the first year of that activity. You can find a fillable Schedule C here: https://www.irs.gov/pub/irs-pdf/f1040sc.pdf
After you complete the Schedule C, print it, scan it, and upload it into Moodle along with a one-page Word document explaining how you arrived at the numbers on your Schedule C for income and expense, referencing where appropriate what you’ve learned about Schedule C business deductions from Chapter 3, and how those business expense deductions relate to the activity you have chosen to model.
Basically, you are forecasting with numbers and words how your first year of activity would look and explaining how you got there. I am looking for creativity, thought, and effort. There are no right or wrong answers and you certainly don’t need to fill out every line on Schedule C.