The Ultimate Business Tax Help Center
Answer your top tax questions in one place and experience a seamless tax season, from planning to filing.
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Sole Proprietorship:
A business owned and managed by a single individual responsible for all assets and liabilities. The owner reports business income and losses on their personal tax returns.
Navigating Sole Proprietorship Filings:
Use a Schedule C (Form 1040) to report income or losses. The annual tax deadline aligns with the personal income tax deadline, April 15. Estimated tax payments should be made quarterly if you owe tax of $1,000 or more. You can apply for an extension using Form 4868.
Tax deadline: April 15, 2024
Partnership:
A business structure where two or more individuals manage and operate the business. Both partners share in the profits and losses of the business.
Mastering Partnership Tax Returns:
Partnerships must report income, deductions, gains, losses, etc., using Form 1065 OR apply for an extension using Form 7004. The deadline for partnership tax returns is March 15. Each partner will receive a Schedule K-1 detailing their share of the partnership’s taxable income.
Tax deadline: March 15, 2024
C Corporation:
A standalone legal entity owned by shareholders, offering protection against personal liability. Corporations are taxed separately from their owners.
C Corporation Tax Compliance Made Simple:
Corporations use Form 1120 to report their income, gains, losses, deductions, and credits. The deadline for most corporations is April 15. However, corporations with a fiscal year-end may have varying deadlines. A C corporation can file for an extension using Form 4868.
Tax deadline: April 15, 2024
S Corporation:
A corporation that elects to pass corporate income, losses, deductions and credits through to their shareholders for federal tax purposes.
S Corporation Filings Demystified:
S Corporations must file Form 1120-S, an income tax return. The deadline is March 15, but S corporations can apply for an extension via Form 7004. Shareholders will report the flow-through of income and losses on their personal tax returns.
Tax deadline: March 15, 2024
Limited Liability Company (LLC):
A hybrid of a corporation and a partnership or sole proprietorship, this entity provides limited liability protection to its owners, with pass-through taxation.
LLC Filing Essentials:
LLC filing requirements depend on tax classification. Most single-member LLCs will use Schedule C, while multi-member LLCs file Form 1065, similar to a partnership. LLCs that qualify as an S corporation or C corporation will file according to their respective rules (see above). Deadlines vary based on classification.
Single-member LLCs: April 15, 2024
Multi-member LLCs: March 15, 2024
International Business:
A business that engages in international trade or has operations in multiple countries.
Tax Blueprint for International Businesses:
International businesses must be aware of and adhere to tax regulations in the U.S. and the countries where they operate. Forms and deadlines can vary greatly, so consultation with a tax expert is recommended.
Tax deadlines may vary.
Essential Tax Information for Businesses
Ensure you’re always a step ahead on your biggest tax questions. Learn the basics and not-so-basics on tax filing, deductions, extensions and more.
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Tax Guides: Your Ultimate Playbook
Comprehensive tax help in easy-to-digest guides and checklists.
CHECKLIST
CHECKLISTA Must-Have Small Business Tax Documents Checklist
Streamline tax preparation by providing these fully reviewed documents to your CPA or tax advisor.
Get the Checklist › CHEAT SHEET
CHEAT SHEETTax Planning Cheat Sheet for Small Businesses
Get five helpful tips for minimizing your tax liability throughout the year.
Download the Cheat Sheet › CHECKLIST
18 Tips for Early Business Tax Preparation
Check off your prep well before tax time and maintain pristine records year-round.
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FAQ
Traditionally, tax season in the U.S. kicks off in late January and concludes on April 15 of each year, though this date may change if it falls on a weekend.
It’s a portion of your income exempted from taxation. Some organizations are fully exempt from federal taxes, such as religious, charitable or political organizations.
A tax extension grants you more time to file your tax return, however you must still pay your taxes by tax day. An extension allows you to avoid late-filing penalties and take more time to assess potential savings and deductions.
Specifics depend on business type; typically, corporations target March 15.
Choose the right expert tax help based on your needs. Tax preparers handle basic filings, while CPAs offer broader tax strategies and, alongside enrolled agents, can represent you before the IRS. For an in-depth comparison, take a look at our comparisons of different tax specialists.
You’re good to go once you’ve got all of your tax documents, which could be as early as the end of January.