There are about 57 million small businesses and self-employed taxpayers in the United States, including:
· Corporations and partnerships with assets less than $10 million
· Sole proprietors
· Independent contractors
· Members of a partnership that carries on a trade or business
· Others in business for themselves, even if the business is part-time
· Gig workers (i.e., Uber/Lyft drivers, owners of Airbnb rentals, delivery services, etc.)
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To get more tax information for businesses to help you meet your filing requirements, click here
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To view more information from The Taxpayer Advocate Service for small business taxpayers click here to read the article dated March 27, 2023 "TAS Tax Tip: Small Business Filing and Recordkeeping Requirements".
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To learn more information visit: https://www.taxpayeradvocate.irs.gov
Contact your accountant for more information or if you do not have one, the SI SBDC for a referral.
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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 Ta-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