A sole proprietor is someone who owns an unincorporated business by himself or herself. However, if you are the sole member of a domestic limited liability company (LLC), you are not a sole proprietor if you elect to treat the LLC as a corporation.
If you are a sole proprietor, use the information in the chart below to help you determine some of the forms that you may be required to file.
| IF you are liable for: | THEN use Form: |
|---|---|
| Income Tax | 1040, U.S. Individual Income Tax Return or 1040-SR, U.S. Tax Return for Seniors and Schedule C (Form 1040 or 1040-SR), Profit or Loss from Business |
| Self-employment tax | Schedule SE (Form 1040 or 1040-SR), Self-Employment Tax |
| Estimated tax | 1040-ES, Estimated Tax for Individuals |
| Social Security and Medicare taxes and income tax withholding | 941, Employer's Quarterly Federal Tax Return 943, Employer's Annual Federal Tax Return for Agricultural Employees |
| Providing information on Social Security and Medicare taxes and income tax withholding | W-2, Wage and Tax Statement (to employee) and W-3, Transmittal of Wage and Tax Statements (to the Social Security Administration) |
| Federal unemployment (FUTA) tax | 940, Employer's Annual Federal Unemployment (FUTA) Tax Return |
| Filing information returns for payments to nonemployees and transactions with other persons | See Information Returns |
| Excise Taxes | Refer to the Excise Tax webpage |
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