Important Tax Forms When Starting A Business

Starting a new business brings a wave of responsibilities, including managing taxes. Getting a grip on the right tax forms is important for compliance and avoiding penalties. Here’s a quick rundown of essential tax forms for new business owners:

  • EIN Application (Form SS-4):

           Get your Employer Identification Number (EIN) using this form. It’s needed for taxes, hiring, and banking.

  • Estimated Taxes (Form 1040-ES):

          For sole proprietors, partnerships, or S corps, this form helps you pay quarterly estimated taxes.

  • Partnership Income (Form 1065):

          Partnerships report income, deductions, and distributions through this form.

  • C Corporation Tax (Form 1120):

          C corporations use this form to report income, deductions, and tax liability.

  • S Corporation Returns (Form 1120S):

           S corps report income, deductions, and taxes here. The income then goes to shareholders.

  • Employee Taxes (Form 941):

          If you have employees, this form reports income, Social Security, and Medicare taxes.

  • Employee Statements (Forms W-2 and W-3):

          Report wages and withheld taxes for employees using these forms.

  • Contractor Payments (Form 1099-MISC):

           Paying contractors over $600? Issue this form to report the payments.

  • Depreciation (Form 4562):

           Claim depreciation on long-lasting assets like equipment using this form.

  • State and Local Forms:

           Remember state and local forms like sales tax returns.


Ready to Delve Deeper into Small Business Taxes? Let’s Talk!

Managing taxes might seem like a maze, but with the right guidance, you can navigate it seamlessly. If you’re eager to learn more about optimizing your small business’s financial health and mastering tax forms, we’re here to help. 

Our experts are ready to assist you in understanding the ins and outs of taxes for small businesses. Schedule a call with us today, and let’s explore this journey together towards your business’s success!

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