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Form 1040 (Schedule C) Texas: What You Should Know

Establish your tax residency using Form 8832, Business and Occupation Tax Act Information. 3. Make sure you do the following if you have a partnership. 1. File Schedule C (Form 1040) along with Schedule RC-R(S) for any partnership income or the  partnership business taxes, and prepare a profit and loss statement on Schedule C (Form 1040). 2. Form 4868, Federal Income Tax Return for Partnership Income, must be filed with Schedule C (Form 1040). 3. Form 3800, Partnership Income Statement, must be  printed for each member(s) separately. 4. If your business is a sole proprietorship, and you have business income, you also should: 1. File Form 706, United States Employment Tax Return for Individuals. Your  partnership and income tax return should be filed jointly, including any partnership income,  and Form 706, as outlined here. 2. Schedule E1D, Profit or Loss from Business, should be filed with this form, and provide your own copy(s) of Schedule E1 and E2. 3. Your self-employment taxes should be filed on Schedule C (Form 1040) along with Form 1040ES, United States Individual Income Tax Return. What to Include in Schedule C (Form 1040)—Profit and Loss From an Enterprise If you were a sole proprietor, Schedule C (Form 1040) will help you report income and report gain from  operation of the business. You would not have to file Schedule C (Form 1040) with Schedule E, the  Schedule for Schedule E with the self-employment tax. However, you should file a Schedule C (Form 1040)  for each member of the partnership, and prepare a profit and loss statement for each partnership tax  year on Schedule C (Form 1040). If you were a partner in a partnership, you should file Schedule C (Form 1040) on the  partnership tax return and prepare the profit and loss statement. Your partnership tax return is  called the partnership statement. All business activities related to the partnership should be on the  partnership return. If you were a partner in a partnership, you will be able to file Form 706, U.S. Employment Tax Return. There is very little  you must do.

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