Business income on the owner's personal return

Report the business on Schedule C with the owner's Form 1040 and pay self employment tax on Schedule SE, or file Form 4868 for a six month extension.

When: By April 15 each year.
Agency: IRS
Form: Form 1040, Schedule C and Schedule SE
Applies to: Sole proprietorships and single member LLCs in the United States, with US owners.
If missed: 5% of the unpaid tax for each month late, up to 25%, plus interest
Source: www.irs.gov, read October 22, 2026

Jay explains

A sole proprietorship or single member LLC has no return of its own. Its income and expenses go on Schedule C with the owner's personal return, due April 15, and the owner pays self employment tax on the net profit through Schedule SE. An LLC owned by a person outside the United States is different: see the nonresident owner's return.

Next dates

For a calendar year company. Weekend and holiday dates are moved to the next business day, as the IRS does.

April 15, 2027
April 18, 2028

Also in the federal calendar

Federal corporate income tax return Federal S corporation return Federal partnership return Nonresident owner's US return, if one is owed Annual electronic notice for small exempt organizations Short annual return of an exempt organization Annual return of an exempt organization Annual return of a private foundation Exempt organization business income tax return Written acknowledgments to donors Corporate estimated tax payment Owners' estimated tax payments

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Your company's compliance calendar

Three answers to start. Refine it after.

What kind of organization is it?

An LLC's tax treatment decides which federal return it files. Choose the line that matches yours. Nonprofits are covered too.

State of formation

Employees

Count everyone on payroll. An S corporation's working owners are employees: they are paid a salary.

Where is it based? The state of the office, or of most of the people

A company based outside its state of formation is registered in both and files in both.

More about the company: other states, payroll, dates, abroad

Company name

Date registered in each other state

Optional. Some states key their report to the day you registered there rather than your date of formation; without it, the formation date stands in and the calendar says so.

Who runs payroll?

Fiscal year ends in

Date of formation

Needed for states that key filings to the anniversary of formation.

Annual revenue

Some taxes start at a revenue threshold.

We pay independent contractors We offer a retirement plan (401(k), SIMPLE, SEP)

Outside the United States We hold a bank or financial account outside the US A person or company outside the US owns 25% or more of it We own 10% or more of a company outside the US We pay people or companies outside the US

Each adds the FinCEN or IRS form that comes with it: the FBAR, Form 5472, Form 5471, Forms 1042 and 1042-S.

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