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Commonly Asked Questions about Tax sole proprietors Business Forms

Most businesses are required to file Form 941 quarterly, with a few exceptions. Seasonal businesses only need to file for the quarters in which they are operating. Businesses that hire farm workers or household employees, such as a maid, also dont need to file Form 941 (but do need to file Schedule H from Form 1040).
To file your annual income tax return, you will need to use Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship), to report any income or loss from a business you operated or profession you practiced as a sole proprietor, or gig work performed.
State and Federal Income Tax If your business entity is a sole proprietorship, or you have a net profit reported on your individual income tax return from a partnership or S corporation, you pay any California or federal income tax liability by making quarterly estimated tax payments.
Generally, you must file Form 941, Employers QUARTERLY Federal Tax Return or Form 944, Employers ANNUAL Federal Tax Return to report wages youve paid and tips your employees have reported to you, as well as employment taxes (federal income tax withheld, Social Security and Medicare taxes withheld, and your share of
More In Forms and Instructions Use Schedule C (Form 1040) to report income or loss from a business you operated or a profession you practiced as a sole proprietor.
But sole proprietors report business income on their individual income tax returns. They report this to the Internal Revenue Service (IRS) using IRS Form 1040. They attach Schedule C, which outlines business profits and losses. Sole proprietors also pay self-employment taxes (FICA).
Sole proprietors need to file Form 941, Employers Quarterly Federal Tax Return (or Form 944, Employers Annual Federal Tax Return), for the calendar quarter in which they make final wage payments. They check the box and enter the date final wages were paid on line 17 of Form 941 or line 14 of Form 944.
Sole proprietors report business taxes on Form 1040 or 1040-SR and their personal income on their regular tax returns. Contractors can use a 1099-NEC or 1099-MISC Form to calculate their business income.