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Taxes can be... taxing. I recently read a new article posted on the QuickBooks Blog that offers a tax preparation checklist for small businesses. If you want to get the upper hand on tax season, let's take a look at what it says.
Understand the types of business taxes
- Income tax: Taxes paid on the profits made by the company.
- Estimated tax: Quarterly tax payments that may be required.
- Excise tax: Additional taxes on certain goods and services.
- Self-employment taxes: Social Security and Medicare for earnings.
- Employment taxes: Social Security, Medicare, and federal unemployment taxes.
Know what business tax forms you need to file
- Schedule C: Return with Form 1040 to report income as a sole proprietor.
- Schedule K-1: Use to report income for pass-through entities. You will need to complete Schedule K-1 as an owner of an S corporation or partnership
- 1099-Misc: Use to report rental income paid to landlords or gross proceeds paid to attorneys.
- 1099-NEC: Use to report non-employee compensation.
- Form 1120: Use to report income for a C corporation.
- Form 1120-S: Use to report income for an S corporation. Form 1120-S is filed separately from your personal income tax return.
- Form 1065: Use the information return as an owner of a partnership. Form 1065 is filed separately from your personal income tax return.
- Form 720: Use for reporting excise taxes for your business.
Gather the needed business tax return documents
General items such as Tax ID number, Social Security number, previous return. You'll also need business income tax info, expenses, employment tax info, and deductions.
General items such as Tax ID number, Social Security number, previous return. You'll also need business income tax info, expenses, employment tax info, and deductions.
There's a lot of detail that goes into filing business taxes. Check out the full article linked above for even more info. And good news, you can always file for an extension if need be. Last but not least, the Community is always here if you have any questions. Take care!
