As a small business owner, navigating the maze of tax forms can feel overwhelming. Whether you’ve just started your business or have been operating for years, understanding which tax forms apply to your situation is crucial for staying compliant and potentially saving money. In this guide, we’ll walk through the most common tax forms for different business structures, explain what they’re for, and outline when they need to be filed.
Note: This article is being posted in June 2025. Tax forms for the 2025 tax year have not yet been released, so we’re covering the 2024 versions (which businesses used for filing tax returns due in early 2025). There is always the possibility of changes from year to year, so be sure to read through the current instructions and double-check any information before relying on it for your tax return. Remember, information provided in this blog is general in nature and has not been customized for your specific business situation. If you need personalized assistance, you can schedule a consultation with our team.
Business Income Tax Forms by Entity Type
Your business structure determines which income tax forms you’ll need to file. Let’s break it down by entity type:
Sole Proprietorships
If you’re a sole proprietor, your business income and expenses are reported on your personal tax return.
Key forms:
- Schedule C (Profit or Loss from Business) – This form is attached to your personal Form 1040. It reports your business income, expenses, and net profit or loss. This then flows those profits and losses directly to your 1040 – so no extra filing needed, just one more schedule on your return.
- Schedule SE (Self-Employment Tax) – In most cases, Medicare and Social Security tax are split between the employer and the employee. In this case, you are both, so schedule SE makes sure both halves get paid (and properly deducted from your income).
Filing deadline: Since this is your personal return, it’s the same deadline as your personal 1040 – typically April 15th.
Partnerships
Partnerships file an information return to report income, deductions, gains, and losses. Partnerships don’t pay taxes directly – the partners pay it on their individual returns.
Key forms:
- Form 1065 (U.S. Return of Partnership Income) – Reports the partnership’s income and expenses. This calculates the profit and loss for the partnership.
- Schedule K-1 (Partner’s Share of Income, Deductions, Credits, etc.) – This form is provided to each partner showing their share of partnership income and deductions, which they’ll report on their personal tax returns.
Filing deadline: March 15th for calendar year partnerships. Fiscal year partnerships are due on the 15th day of the 3rd month following the close of the fiscal year.
S Corporations
Similar to Partnerships, S corporations pass corporate income, losses, deductions, and credits through to shareholders – they don’t pay taxes directly.
Key forms:
- Form 1120-S (U.S. Income Tax Return for an S Corporation) – Reports the corporation’s income, deductions, and tax credits.
- Schedule K-1 (Shareholder’s Share of Income, Deductions, Credits, etc.) – Provided to each shareholder showing their share of income and deductions.
Filing deadline: March 15th for calendar year S corporations. Fiscal year S corporations are due on the 15th day of the 3rd month following the close of the fiscal year.
C Corporations
C corporations file a corporate tax return and pay taxes at the corporate level.
Key forms:
- Form 1120 (U.S. Corporation Income Tax Return) – Reports corporate income, deductions, credits, and calculates tax liability.
Filing deadline: April 15th for calendar year corporations. For Fiscal Year corporations, it’s due the 15th day of the 4th month following the close of the fiscal year, unless your fiscal year end is June 30th – then it’s the 15th day of the 3rd month (September 15th).
Limited Liability Companies (LLCs)
An LLC isn’t actually a business classification in the eyes of the IRS – but what type of LLC you are and what elections you’ve made does determine which forms to file.
- By default, a Single-member LLCs is considered a “Disregarded Entity” – which means the IRS sees no distinction between the LLC and the owner. This means by default, you’re a Sole Proprietorship, and file on Schedule C.
- By default, Multi-member LLCs are considered partnerships, and file on form 1065
- LLCs can also elect to be taxed as S corporations (Form 1120-S) or C corporations (Form 1120). To elect this treatment, an S-Corp would file form 2553, Election by a Small Business Corporation, or a C-Corp would file form 8832, Entity Classification Election. There are deadlines for these, so you’ll need to decide as early in the tax year as possible to take advantage of these.
Choosing how to file your taxes as an LLC is a very important choice. The amount of income and expenses you have really drives the decision to stick with the default or to make an election to be treated as a C Corporation or S Corporation. Consulting with a tax advisor before you make this election can make a significant difference!
Employment Tax Forms
If your business has employees, you’ll need to file additional forms:
- Form 941 (Employer’s Quarterly Federal Tax Return) – Used to report income taxes, Social Security tax, and Medicare tax withheld from employees’ paychecks.
- Filing deadline: Monthly or semi-weekly deposits may be required, with quarterly returns due by the last day of the month following the end of the quarter.
- Form 940 (Employer’s Annual Federal Unemployment Tax Return) – Used to report and pay federal unemployment taxes.
- Filing deadline: January 31st of the following year.
- Form W-2 (Wage and Tax Statement) – Provided to employees and the Social Security Administration showing wages paid and taxes withheld.
- Filing deadline: January 31st of the following year.
- Form W-3 (Transmittal of Wage and Tax Statements) – Summarizes all the W-2 forms you’ve issued.
- Filing deadline: January 31st of the following year.
Information Returns You May Need to File
Businesses often need to file information returns to report payments made to others.
- Form 1099-NEC (Nonemployee Compensation) – Used to report payments of $600 or more to independent contractors.
- Filing deadline: January 31st of the following year.
- Form 1099-MISC (Miscellaneous Information) – Used to report rent, prizes, awards, and other miscellaneous payments.
- Filing deadline: January 31st for certain payments; otherwise February 28th (paper) or March 31st (electronic).
- Form 1099-K (Payment Card and Third Party Network Transactions) – Reports payment card and third-party network transactions. You’ll only be filing these if you are a payment processor though.
- Filing deadline: January 31st of the following year.
Information Returns You May Receive
Your business might receive these forms from clients, customers, or financial institutions. You’ll notice this section is very similar to the previous one – many of these are forms that you may need to issue, or may be issued to you.
- Form 1099-NEC – If you worked as an independent contractor, you’ll receive this showing payments made to you.
- Form 1099-MISC – For miscellaneous income your business received.
- Form 1099-K – If you accept credit cards or payment apps, you may receive this form showing those transactions.
- Form 1099-INT or 1099-DIV – For interest or dividends your business earned.
Remember, you are responsible to report all income for your business, regardless of whether or not you received a form for it.
Estimated Tax Payments
Most business owners need to make estimated tax payments throughout the year. Since the tax system is pay-as-you-go, the IRS wants to receive the money throughout the year, not just at the end. If you underpay too much, there can be penalties applied.
- Form 1040-ES (Estimated Tax for Individuals) – Used by sole proprietors, partners, and S corporation shareholders.
- Form 1120-W (Estimated Tax for Corporations) – Used by C corporations.
Filing deadlines: Generally April 15th, June 15th, September 15th, and January 15th of the following year.
State Tax Considerations
While this article focuses on federal tax forms, it’s important to note that each state has its own tax requirements and forms. Most states have:
- Income tax returns for businesses
- Sales tax returns if you sell taxable goods or services
- Withholding tax returns if you have employees
- Unemployment insurance returns
Check with your state’s department of revenue or consult with a tax professional to ensure you’re meeting all state-level obligations. Also keep in mind these requirements may apply not only to the state you are located in, but states you do business in.
Common Tax Scenarios for Small Businesses
Scenario 1: Sole Proprietor with No Employees
- File Schedule C and Schedule SE with your Form 1040
- Make quarterly estimated tax payments using Form 1040-ES
- File any required 1099s for contractors you paid
Scenario 2: Partnership with Employees
- File Form 1065 and issue Schedule K-1s to partners
- File Forms 941 quarterly for employee withholding
- File Form 940 annually for unemployment tax
- Issue W-2s to employees and 1099s to contractors
- Partners make quarterly estimated tax payments
Scenario 3: S Corporation Owner-Employee
- Corporation files Form 1120-S
- Corporation issues Schedule K-1 to shareholders
- Corporation handles payroll forms (941, 940, W-2) for employees including owner-employees
- Shareholders make quarterly estimated tax payments on their share of business income
Important Tips for Tax Form Management
- Keep accurate records year-round – Good bookkeeping makes tax time much less stressful.
- Calendar all deadlines – Missing deadlines can result in penalties and interest.
- Consider using accounting software – Many programs can help track income and expenses and even prepare some tax forms.
- Maintain separate business accounts – Keeping business and personal finances separate makes tax reporting much clearer.
- Save digital copies – Maintain electronic versions of all filed tax forms and supporting documents.
Conclusion
Understanding which tax forms apply to your business is a fundamental part of business management. While it may seem complicated at first, breaking it down by entity type and function makes the process more manageable.
If you find tax forms confusing or time-consuming to prepare, you’re not alone. Many business owners prefer to focus on running their operations rather than navigating tax requirements. That’s where we come in. At JCT Tax Solutions, we specialize in helping small businesses manage their tax obligations efficiently and accurately.
Need personalized guidance? If you’re still finding tax forms overwhelming or want to ensure you’re not missing anything important, we’re here to help. Schedule a consultation with our experienced team to discuss your specific business tax needs.
