An individual who owns a proprietorship must report profit from the proprietorship on his/her Federal income tax return.

Name: An individual who owns a proprietorship must report profit from the proprietorship on his/her Federal income tax return.
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A sole proprietorship is not a taxable entity separate from the individual who owns the proprietorship. The owner of a proprietorship reports transactions of the business on Schedule C of his or her individual tax return.

An Individual Who Owns a Proprietorship Must Report Profit from the Proprietorship