How To File A Tax Return For A Small Business

To file an amended tax return, you will use a different IRS form, depending on your type of business structure. Look for forms that end in the letter "X." Sole proprietors and single member LLCs file an adjusted tax return on Form 1040X , Amended U.S. Individual Income Tax Return.

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File & Pay Use Tax (ST-44) – Should only be used by businesses that are not required to register for sales and use taxes. A taxpayer registered to file Form ST-1 should report any use tax liability on that form rather than Form ST-44.

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To file your business tax return, you need your balance sheet from the beginning and end of the year. Use the balance sheet to report your annual income from business operations. Supporting financial documents. As you prepare the return, look for documents that support information in your books.

Small Business Tax Preparation Checklist for First-Time Filers of Business Tax Returns – First, take a look at a copy of the business tax return you will file to see which line items on the return you’ll be expected to fill in with amounts. Also, if there are questions asked on the return, make sure you have the answers to those questions.

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She covers many legal topics in her articles. Bird, Beverly. "What Happens if You Don’t File a Sole Proprietor Tax Return?" Small Business – Chron.com, http://smallbusiness.chron.com/happens-dont-file.

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If your small business is set up as a C corporation, or if you treat your LLC as one, you’ll need to prepare a separate tax return with Form 1120, in addition to your personal taxes. Form 1120 is similar to the Schedule C form, but it is more complex, requires more detail and is separate and distinct from your personal tax return.

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The paperwork and tax filing requirements are far easier as a sole proprietor than for any other type of business. As a sole proprietor, you are the business. You can report all of your business income and expenses on a Schedule C, which you file with your personal income tax return (form 1040). The business itself is not taxed separately.