There are about 57 million small businesses and self-employed taxpayers in the United States, including:
The Taxpayer Advocate Service is sharing the following information with small business taxpayers to:
Small Business Filing Requirements
Generally, the federal tax forms you will need to file vary depending on the type of business:
Business Entity Type of Tax Tax Forms Sole Proprietor Income Tax Form 1040/1040SR Schedule C or F Self-Employment Tax Form 1040/1040SR Schedule SE Estimated Tax Form 1040-ES Employment Taxes Forms 940 and 941, 944 or 943 Partnership Annual return of Income Form 1065 Employment Taxes Forms 940 and 941, 944 or 943 Partner in Partnership (Individual) Income Tax Form 1040/1040SR Schedule E Employment Taxes Form 1040/1040SR Schedule SE Estimated Tax Form 1040-ES Corporation (C or S) Income Tax – C Corporation Form 1120 Income Tax – S Corporation Form 1120-S Estimated Tax Form 1120-W (C-Corp Only) Employment Taxes Forms 940 and 941, 944 or 943 S Corporation Shareholder Income Tax Form 1040/1040SR Schedule E Estimated Tax Form 1040-ES
As a small business, you may have many different types of returns that are due, and many different types of deductions. As a busy small business owner, it’s important to put a user-friendly recordkeeping system in place.
You may need to substantiate income and deductions. Good records can assist you in preparing financial records, keeping track of property and deductions and so much more. Good records can also assist you in knowing exactly where to target funding and reducing expenditures to optimize profit. Your recordkeeping should keep track of:
For more helpful information for small businesses, see Tax Tip: Small business tax highlights, which addresses key components of small business ownership including:
Visit the Taxpayer Advocate Service’s Get Help center for a list of tax topics to assist you with resolving many tax related issues.
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