|
A sole proprietorship is an
unincorporated business that is owned by
one individual. It is the simplest form of
business organization to start and
maintain. The business has no
existence apart from you, the owner. Its
liabilities are your personal liabilities
and you undertake the risks of the
business for all assets owned, whether
used in the business or personally owned.
You include the income and expenses of the
business on your own tax return.
If you are a sole proprietor use the
information in the chart below to help you
determine some of the forms that you may
be required to file.
| If
you are a sole proprietor then you
may be liable for... |
Use
Form... |
| Income
Tax |
1040
and Schedule
C or C-EZ
( Schedule
F for farm business) |
| Self-employment
tax |
1040
and Schedule
SE |
| Estimated
tax |
1040-ES |
|
Employment taxes:
- Social security and Medicare
taxes and income tax
withholding
- Federal unemployment (FUTA)
tax
- Depositing employment taxes
|
941
( 943
for farm employees)
940
or 940-EZ
8109
|
| Excise
Taxes |
Refer
to the Excise
Tax web page |
|
