Form 1040 (Schedule C-EZ) Minnesota Hennepin 2018-2024

Form 1040 (Schedule C-EZ) Minnesota Hennepin: What You Should Know

Forms in MN The only forms that the sole proprietor uses are the Forms 1040 and the Schedule C or C-EZ, Form 1040A, 1040B, 1040C or 2040. The sole proprietor must file the forms with the IRS with income and expenses for the tax year. These items also must be included in the individual income tax return. The forms are due on the 15th day of the month following the tax year. The forms must be filed  by April 15.  The sole proprietor must include in the individual's income all business income from each of the taxable years from which the income was earned. The deductions from business income must be reported on the individual tax return. What Business Tax Exemptions Do I Have, and What Are The Deductible Expenses? You must have a Minnesota tax exemption certificate under Section 9 for each taxable year for which you will be filing a business tax return. If you do not have a Minnesota tax exemption Certificate or if business income is not reported on the tax return, your tax liability is: First 30,000 .00 x 10% of sales. The entire amount. Second 30,000.00 x 10% of sales. The entire amount. Third 30,000.00 x 10% of sales. The entire amount. If you do not have a Minnesota tax exemption certificate,  Then either: You are required to pay taxes on income earned by yourself and/or your partner. You are required to pay taxes on profits of your partnership or other entity. You can use the calculator to determine your liability.  Deductible Business Expenses Businesses should have expenses that are not related to your main business. For example, if an LLC's sole proprietorship expenses are related to managing and licensing its real estate sales, you should not file a Schedule C that deducts business expenses for the LLC. Do not deduct: office expenses, rent, supplies of office furniture, supplies of office rent, computer support, software support, and the costs of a website.  Deductible Interest and Dividends Paid Businesses can deduct interest and dividends paid from non-suspect accounts. Deductible Insurance Payments Businesses can deduct the payment of insurance premiums if they are on account with an insurance company as a direct result of business activities.

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