To file taxes for your small business, you first need to determine your business structure for tax purposes. Then use the recommended IRS forms and file by the April tax deadline. As a sole LLC member with a new small business, your personal and business taxes are filed separately. You can file your personal taxes to report income earned as an employee. For business income and expenses, use IRS forms such as Schedule C, Schedule SE, and Form 1040.
The IRS website and this guide explain what you need to know about filing small business taxes the first time. Tax returns must be filed annually. Missing deadlines results in penalties.
Use the IRS tax calendar to see monthly, quarterly and annual filing dates. The IRS suggests estimating your full year income to calculate quarterly estimated payments. If your estimate is too high, you can refigure it for the next quarter.
This guide explains the tax filing process for small businesses. It covers what forms to use, deadlines, and paying the correct taxes. It also discusses common mistakes when filing taxes and how to avoid them. By the end, you will better understand filing business taxes and can successfully manage your entrepreneurial finances.
How do I file taxes if I started my own business?
To file taxes for your small business, first determine your business structure for tax purposes. Then use the IRS forms recommended and file by the April deadline. As an LLC member with a new small business, your personal and business taxes are filed separately. Use IRS forms like Schedule C, Schedule SE, and Form 1040 to report business income and expenses.
Use the IRS calendar to see monthly, quarterly and yearly filing dates. The IRS suggests estimating full year income to calculate quarterly payments. If too high, you can refigure for the next quarter.
By the end, you will better understand filing business taxes and can successfully manage your finances.