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Must I File a Schedule C for Each Business I Own?

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Question: Must I File a Schedule C for Each Business I Own?
Answer:

You must file a tax form for each business you own, showing the income and deductions from income for that business. If you are filing jointly with your spouse, all businesses owned by you or your spouse must have a tax return.

Which tax form do I use?

  • If your business is a sole proprietorship or single-member limited liability company (SMLLC), you must use Schedule C to report business income.
  • If your business is a partnership, the partnership files an information return using Form 1065, and you and other partners receive a Schedule K=1 showing your share of the partnership income or loss. The Schedule K-1 is included in your personal tax return.
  • If your business is an S corporation, you receive a slightly different Schedule K-1 to include with your personal tax return.
If your business is a corporation, you don't include the income from that business on your personal tax return.

More information on Schedule C, including instructions on how to prepare, when you can use Schedule C-EZ, and more.

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