The Ultimate List of Tax Forms for Small Businesses
This post provides more information on a variety of tax forms for small businesses. Whether you are a new small business, or a veteran entrepreneur, review each tax form so you can file a complete tax return and gain a better understanding of your tax obligations.
Tax Forms for Starting a Business
- Form SS-4, Application for Employer Identification Number: This form is used to apply for an EIN, or employer identification number. This is a unique, nine-digit number assigned to employers, sole proprietors, corporations, partnerships, estates, trusts, certain individuals, and other entities. (Think of this number as a Social Security number for your business!) You may not need an EIN if you’re a sole proprietor and don’t have employees or pay excise taxes, such as sales taxes. Your tax advisor will help you determine if you need an EIN.
Small Business Employer Tax Forms
- Form 1099-MISC: This form is needed if you have paid a contractor at least $600 in services performed. See the form instructions for other uses of the form.
- Form W-2: Every employer who pays $600 or more per year for services performed by an employee must file a Form W-2 for each employee. This form informs the IRS how much was paid to employees in a calendar year.
- Form 940: Employers who pay at least $1,500 in wages or pay one or more employees for at least some part of the day during any 20 weeks during the year must file this form to calculate and pay federal unemployment taxes.
- Form 941: This form is used to report income taxes, social security tax, or Medicare tax withheld from employee’s paychecks and pay the employer’s portion of social security or Medicare tax. Be sure to check the “Employment Tax” link below for more information on your obligation to pay these taxes.
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Business Expense Tax Forms
- Form 1040-ES, Estimated Tax for Individuals: This form helps you figure out and pay your estimated taxes, including tax on net profits from your business and self-employment tax.
- Form 1040 (Schedule C): This form is used to report income or loss from a business you operated or a profession you practiced as a sole proprietor. It is included with your Form 1040 Individual Income Tax Return.
- Form 1065, U.S. Return of Partnership Income: This form is used for partnerships to report their income, gains, losses, deductions, and credits. A partnership is a pass through entity, meaning any profit or loss “passes through” to its partners via Schedule K-1 (Form 1065). Partners must include partnership items on their individual income tax returns.
- Form 1120-S, U.S. Income Tax Return for an S Corporation: This form is used to report income, gains, losses, deductions, and credits of an S corporation. An S corporation is also a pass through entity, meaning any profit or loss “passes through” to its shareholders via Schedule K-1 (Form 1120-S).
- Form 1120, U.S. Corporation Income Tax Return: This form is used to report income, gains, losses, deductions, and credits of a “regular” or C corporation.
- Form 4562, Depreciation and Amortization: This form is used to report depreciation on equipment, furniture, automobiles and other property used in your business.
- Form 8829, Expenses for Business Use of Your Home: This form is used to claim a deduction for the business use of your home. To be eligible, generally, the area of your home must be used regularly and exclusively for your business.
General Tax Forms for Small Businesses
- Form 2553, Election By a Small Business Corporation: A corporation or other entity eligible to be treated as a corporation files this form to make an election to be an S corporation. Generally, this election must be made by the 15th day of the third month (March 15 for calendar year corporations) of the first year for which the election applies. For instance, a company that is making the election for 2018 must do so by March 15, 2018.
- Form 7004: Use this form to request an automatic extension of time to file business income tax returns.
- Form 8822-B, Change of Address: This form is used to notify the IRS if your business mailing address has changed.
- Form 8903, Domestic Production Activities Deduction: This form is used to figure your domestic production activities deduction (DPAD). This deduction was repealed by the Tax Cuts and Jobs Act and is unavailable after 2017.
Specialized Tax Forms for Small Businesses
- Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts: This form is used to see if you owe a penalty for underpaying your estimated tax, and if so, to figure out the penalty amount.
- Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts: This form is used to report additional taxes on IRAs, other qualified retirement plans, Coverdell ESAs, QTPs, Archer MSAs, HSAs, or other retirement savings plans for small businesses.
- Form 8606, Nondeductible IRAs: This form is used to report non-deductible traditional IRA contributions, SEO or SIMPLE IRA contributions, conversions from traditional, SEP, or SIMPLE IRAs to Roth IRAs, and distributions from Roth IRAs.
Forms by Business Entity
We hope this list sufficiently covered all the key tax forms for small businesses. View more resources for small business now.