What Tax Forms Do I Need to File?

What Tax Forms Do I Need to File?

The tax forms you need to file as a business owner depend on your business entity type. Here's a general overview based on common business structures:

Sole Proprietorship or Single-Member LLC

  1. Use Schedule C (which is attached to your personal tax return, Form 1040) to report business income and expenses.

Partnership or Multi-Member LLC

  1. File Form 1065, U.S. Return of Partnership Income.
  2. After filing Form 1065, each partner will receive a Schedule K-1, which reports their share of income, deductions, and credits. Partners report this information on their personal income tax returns (Form 1040).

S Corporation

  1. File Form 1120S, U.S. Income Tax Return for an S Corporation.
  2. After filing Form 1120S, shareholders will receive a Schedule K-1, which reports their share of income, deductions, and credits. Shareholders report this information on their personal income tax returns (Form 1040).

C Corporation

  1. File Form 1120, U.S. Corporation Income Tax Return.
  2. C Corporations are separate tax entities, and the corporation itself is responsible for paying taxes on its income. Partners, owners, and shareholders will not be issued a separate schedule to report on their personal income tax return.
It's important to note that state tax requirements vary, and you might need to file additional forms at the state level. Check with your state's Department of Revenue or equivalent agency for specific state filing requirements.

Additionally, if you have employees, you may need to file employment tax forms (e.g., Form 941 for federal payroll taxes) and provide W-2 or 1099 forms to your employees or contractors.

If you have questions about your specific tax situation, reach out to your dedicated guide or schedule a call with your tax accountant. We would love to talk with you!

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