Sole Proprietor Taxes

Because you and your business are one and the same, the business itself is not taxed separately-the sole proprietorship income is your income. You report income and/or losses and expenses with a Schedule C Download Adobe Reader to read this link content and the standard Form 1040 Download Adobe Reader to read this link content. The “bottom-line amount” from Schedule C transfers to your personal tax return. It’s your responsibility to withhold and pay all income taxes, including self-employment Download Adobe Reader to read this link content and estimated taxes Download Adobe Reader to read this link content. You can find more information about sole proprietorship taxes and other forms at IRS.gov.

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