You are required to file Schedule C if you are Sole Proprietor, 1 Member LLC, Statutory Employee, in Qualified Joint Ventures, or received 1099-Misc.
Sole Proprietor tax return
- to report income or loss
- a business is an activity you materially participate in regularly with the intend to generate a profit.
1 Member LLC tax return
Statutory employee
- Salary or wages
- Expenses
1099-Misc tax return
Instructions at the back of 1099-Misc would indicate what income would go on Schedule C
Qualified joint Ventures
Couple in business. Each one would file a schedule C with half income and expense if:
- Both spouses actively work regularly in the business
- They are the only owners of the unincorporated business
- They file or would file joint tax return for the tax year
- The business is a trade or business meaning it is active income activity type of business
- They each would use Schedule C or F (For Farming or Phishing) instead of Form 1065 partnership Tax return to report their share of:
- Income
- Deductions
They would file Schedule E if the venture is rental real estate. Each one would file a separate form
They each could use their name and their SSN on their schedule C, F, or E.
But If they have employees in the venture they would need the business name and the Employer Identification Number “EIN” to file Employment and Unemployment taxes on Forms 940, or 941, and 944.
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