Business Taxes

2 min. read

In a sole proprietorship, the business income is taxable to the owner personally. This means that you, not any corporate entity, must pay the taxes on your profits from the operations of your practice.

Your profit is determined by using a Schedule C Profit or Loss from Business/Sole Proprietorship. On this form you must include:

Part 1: Income (including gross receipts or sales and gross profit)

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