Which Tax Forms Do Small Business Owners Need? A Simple Guide to Get You Started
Running a small business means wearing a lot of hats—marketer, customer service rep, accountant, and sometimes even janitor. But one hat many business owners dread putting on is the “tax filer” hat. If you’ve ever stared at a long list of IRS forms wondering which ones apply to you, you’re not alone.
This guide breaks down the most common tax forms small business owners may need, depending on how their business is set up. While this isn’t legal or tax advice, it will help you understand where to start and what to ask a professional.
Understand Your Business Structure
The tax forms you use depend largely on how your business is organized:
Sole Proprietorship
Single-Member LLC
Multi-Member LLC
Partnership
S Corporation
C Corporation
If you’re not sure which structure you have, check your formation documents or your state’s business registration records.
Tax Forms for Sole Proprietors & Single-Member LLCs
If you run your business alone, these are the most common forms:
Schedule C (Form 1040) – Profit or Loss From Business
Used to report your business income and expenses. This attaches to your personal tax return.
Other forms you may need:
Schedule SE – calculates self-employment tax
Form 1099-NEC – if you paid contractors $600+
Form 4562 – if you claim depreciation on equipment
Tax Forms for Partnerships & Multi-Member LLCs
If your business has multiple owners:
Form 1065 – U.S. Return of Partnership Income
Reports the partnership’s income, expenses, and deductions.
Schedule K-1
Each partner receives a K-1 showing their share of the business’s income and expenses.
Tax Forms for S Corporations
If your business has elected S Corp status:
Form 1120-S – U.S. Income Tax Return for an S Corporation
Schedule K-1
Each shareholder receives a K-1 detailing their portion of income, losses, and credits.
Additional forms S Corps often file:
Form 941 – quarterly payroll taxes
Forms W-2 / W-3 – for employee wages (including shareholder-employees)
Tax Forms for C Corporations
Traditional corporations file:
Form 1120 – U.S. Corporation Income Tax Return
C Corps are taxed separately from their owners, so the corporation files its own return.
Common Forms All Business Owners Should Know
Regardless of your structure, you may also need:
Form 1099-NEC
To report contractor payments of $600 or more.
Form W-9
Requested from contractors before issuing payments.
State and Local Tax Forms
These vary by state and may include income tax, sales tax, franchise tax, or annual reports.
Payroll Tax Forms (if you have employees)
Form 941 or 944 – federal payroll taxes
Form 940 – federal unemployment tax
When to Get Professional Help
You should speak with a tax professional if your business has:
Multiple owners
Employees
Significant assets or depreciation
Sales across multiple states
Recent structural changes (like electing S Corp status)
A CPA or enrolled agent can help ensure accuracy and maximize your deductions.
Final Thoughts
Understanding which tax forms apply to your business doesn’t have to be overwhelming. Once you’re clear on your business structure, everything else becomes much easier. Use this guide as a starting point, stay organized throughout the year, and don’t hesitate to seek expert help.
