If you run your business as a corporation, or decide to treat your LLC as one, then you need to prepare a separate corporate tax return on Form 1120 (or Form 1120S if you are an S-Corp, or Form 1065 for a partnership and/or multi-member LLC).If you run your business as a sole proprietorship, or as an LLC and you are the sole owner, you can report your business income and expenses on Schedule C along with your personal income tax return.Before filling out any tax form to report your business income, gather all records-paper or electronic-that pertain to your business earnings and expenses.For information on the third coronavirus relief package, please visit our “ American Rescue Plan: What Does it Mean for You and a Third Stimulus Check” blog post.
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