The profits and losses in a sole proprietorship are simply reported on the owner's personal income tax return.

Name: The profits and losses in a sole proprietorship are simply reported on the owner's personal income tax return.
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In a sole proprietorship, the business is not legally separate from the owner, so the profits and losses are reported on the owner's personal income tax return using Schedule C (Form 1040).

The Profits and Losses in a Sole Proprietorship Are Simply