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Form 1040 (Schedule C) Minneapolis Minnesota: What You Should Know
Complete the “Schedule C” portion; Schedule C-EZ does not make changes to Minnesota's general election law. You report the income from the business as a sole proprietor if your total receipts for the tax year do not exceed 20,000 (if the business profits are over 10,000 and 50,000 in both, you don't have to include the net profit You must attach Schedule C to Form 1040, 1040-SE, 1040-T, or 1040-TNR. Any amounts for expenses can be reported as section 831 expense deductions. For more information on Schedule C, see Publication 557, Sole proprietorship (Partnerships, S COR's and LCS), on IRS.gov. Schedule C-EZ (1040) — Minnesota Secretary of State Form 1040, Schedule C, or Schedule C-EZ? The Sole Proprietor (Minn. Stat. § 936.3) and Schedule C (for Minnesota businesses, see Publication 715 — Pub. Sales and Use Tax: Sole Proprietors, Partnerships, S COR's and LCS) are all the same. Each filing type must include the amount of taxable income and taxable compensation for the year, if your net income for the year sales of supplies, property, and services plus the amount by which your compensation exceeds 100,000 (but your compensation is not more than 10 percent over this). The sole proprietor and the owner of an S corporation report as income 1 from each sale on Schedule C; the sole proprietor, if filing as single, only reports 20,000 (or 5,000 for sales 10,000 or less). The total amount you report on Schedule C must be your net taxable income for the year. Sole proprietors and partners report the income and expenses from their distributive share for each source in addition to the amounts for wages, salaries, tips, and other compensation. If you are married, a qualifying widowed spouse will report as income the net income by which his or her own compensation exceeds 50,000, except, in the case of a surviving spouse, the amount by which the net income exceeds 50,000 does not exceed 10,000.
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