![]() ![]() However, you might have to report dividends or other distributions from the corporation to you. You don’t report a gain or loss by a C corporation. C corporations - These are separate legal entities for tax purposes.Partnerships and S corporations - use Schedule E.Report your income or loss from the business on your personal return: Or, you can choose to be taxed as either of these instead: If you’re an LLC with more than one member, you’re a partnership by default. However, you can choose to be taxed as either of these instead: So, you’re a sole proprietorship–by default–and filing requirements dictate sole proprietorship businesses file with a Schedule C. The type of business return you file and whether you file a joint return with your spouse are separate choices.Įx: Your business is a licensed limited-liability company (LLC) under state law. How your business is organized at the state level.
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