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Form Instructions 1040 (Schedule C) for Wyoming: What You Should Know

Form 1040—Business and Other Income and Expenses for Individual filers. Also See: Form 1040 —Sole proprietorship income tax (proprietorship taxes). How Do I Use a Schedule C (Form 1040)? Form 1040— Profit or Loss From—Filing Status of Individual How Do I File Form 1040? If you are a sole proprietor or a registered owner over the age of 16, you are required to file a Form 1040 by April 15 of the year following your tax year. For more information about filing Form 1040, see H&R Block Publication 560-B, IRS Pub. 550, Income Tax Instructions for Individuals (PDF). What Are My Responsibilities? To help you file your income tax return honestly and on time, we provide guidance in this publication about filing your Forms 1040, 1040A, 1040EZ, and 1040NR. In addition, there are several provisions and resources on this website to help you file your tax return and understand the code you have to follow. A. Schedule C— Profit or Loss From—Proprietorship Income Tax 1. Schedule C (Form 1040) a. If the taxpayer operates a business that is subject to federal excise tax under Section 501(a) of the Internal Revenue Code, he is required to file a Schedule C— Profit or Loss From— Proprietorship Income Tax (Form 1040). For information about federal excise tax under Section 501(a), see Publication 3 (Sec. 1) of the Income Tax Regulations). b. You may file on Form 1040, line 1 or line 5 of your Schedule C— Profit or Loss From—Proprietorship Income Tax (Form 1040) if you have: (1) a gross revenue greater than 50,000 in each tax year. (2) an effective tax rate equal to or less than 25 percent. 2. Profit or Loss From—Sole Proprietorship. a. For purposes of this article, a sole proprietorship is a business operated or carried on for profit or profit, or with respect to which the taxpayer is treated as making a profit, whichever is less. For this purpose, a qualified corporation or qualified limited partnership may have more than one owner and may operate as a corporation under Section 199A or as a partnership under Section 199B.

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