You may also owe quarterly estimated taxes on your own income from the business if you expect to owe at least $1,000 to the IRS or if you'll owe more than a certain percentage of this year's income or last year's income. These forms - which could include Form 940, 941, or 943 - either must be submitted quarterly or once per year depending on the value of wages paid to workers. If your sole proprietorship employs others, you'll have additional obligations including forms reporting wages paid to employees and declaring taxes withheld from employees. If you live in Massachusetts or Maine, the deadline in April 19th. This deadline is April 18th in 2022 (as of Jan. Your 1040 Form, along with Schedule C, is due by the April tax deadline, the same as your regular individual income tax return. But because you have taxable income (or losses) from a business to declare, you'll also need to submit Schedule C: Profit or Loss from a Business. Instead, when you file your federal income tax, you'll submit your standard IRS form 1040 that every individual submits. This means the business doesn't have independent tax obligations. Sole proprietorship tax forms and deadlinesĪ sole proprietorship doesn't have its own legal identity rather, it is treated as a disregarded entity. Consult a tax professional if you have questions.
*Note: Depending on your business, you may also need to submit additional forms. The chart below explains the different due dates that you may face depending on how your business is organized. These dates remain the same one from tax calendar year to the next. Other types of businesses, such as partnerships, LLCs, and corporations, have an identity separate from you and their own independent tax obligations to fulfill. Sole proprietorship is the simplest business structure and you and your company are considered the same legal entity. Bottom line on business tax filing deadlinesīusiness entities can be organized in different ways.Multi-member LLC tax forms and deadlines.
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