1
File tax forms for your business
Federal filing requirements depend on how the business is classified for tax purposes, not only the state-law entity name.
2
Common entity filings
- C corporations generally file Form 1120.
- S corporations generally file Form 1120-S and issue Schedule K-1.
- Partnership-taxed LLCs generally file Form 1065 and issue Schedule K-1.
- A default single-member LLC is often reported on the owner’s return, depending on activity and elections.
3
Business deductions and records
Keep organized records and receipts for startup costs, operating expenses, inventory, fixed assets, payroll, travel, and other business expenditures. Tax treatment varies, so use a qualified tax professional for business-specific advice.