However, if you use a corporation or partnership (or elect to treat your LLC as one), then you must always prepare a separate corporate tax return on Form 1120 (or Form 1120-S if you're an S-Corp). ![]() ![]() If you run the business as a limited liability company (LLC) and are the sole owner, the IRS also allows you to use the Schedule C attachment. Many small business owners use a sole proprietorship, allowing them to report all of their business income and expenses on a Schedule C attachment to their personal income tax return. Whether you need to file your business and personal taxes together or separately depends on your business structure.
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