Business Tax Headaches? Get Expert Advice That Really Works!

Filing personal tax returns is a fairly simple process for most taxpayers. Business tax returns, however, can be quite daunting. There are different forms for the legal structure of your business, forms for employment and unemployment taxes, and a long list of forms and schedules for every little scenario. This page will give you the basics on what forms you should expect to file and what to remember when filing.

The Most Common Business Tax Forms Required

Corporations - Business Tax Forms

• File W2s and W3s to report money paid to employees and how much tax was withheld.
• File 1099s to report all rents, commissions, or contractor fees paid.
• File a 941 to report employment taxes and pay them on a quarterly basis.
• File a 940 to report FUTA taxes required for employers meeting certain requirements.
• File an 1120 or 1120-S to report income, gains, losses, deductions, credits, and tax liability.

Partnership - Business Tax Forms

• File W2s and W3s, 1099s, 941s, and 940s for the reasons listed above.
• File a 1040-ES to report partner income with no withholding on a quarterly basis.
• File a 1040 Schedule A to itemize your business tax deductions.
• File a 1065 to report income, gains, losses, deductions, credits, and tax liability.

Limited Liability Companies - Business Tax Forms

• File W2s and W3s, 1099s, 941s, and 940s for the reasons listed above.
• File a 1040 Schedule C to report your business's profit or loss.
• File a 1040 Schedule E to report Supplemental Income and Loss.
• File 1040 Schedule SE to report self-employment tax.
• If your LLC has more than one membership, file a 1065. Otherwise file an 1120 or 1120-S.

Sole Proprietorship - Business Tax Forms

• File W2s and W3s, 1099s, 941s, and 940s for the reasons listed above.
• File a 1040 Schedule A to itemize your business tax deductions.
• File 1040 Schedule SE to report self-employment tax.
• File 1040-ES to report and estimated tax for yourself on a quarterly basis.

Remember, these are only the most common business tax forms. Be sure to look through every business tax form and schedule the IRS has for the type of business you run. Situations such as the sale of business property or acquiring stock in a foreign corporation need to be reported properly to the IRS, or you will be audited.

Important Business Tax Tips to Remember

Lastly, remember that most business owners truly need to hire a tax professional to handle business tax filings and problems for them. The bigger your business grows, the more complicated your business tax matters become.

If you need help with business tax issues, consult a professional. Call (800) 590-4524 now or fill out the form below for a free tax debt consultation to get help with your business tax headaches! We'll only connect you with a tax debt relief company holding at least a B rating with the Better Business Bureau.