Small Business Taxes
If you own a small business, your business will need to meet its federal, state, and local tax obligations to stay in good legal standing. Your business structure and location will influence which taxes your business has to pay. Whether your business is organized as a Sole Proprietor or Single Member LLC, understanding the correct tax forms is crucial to meeting federal and state legal requirements. Most entities won’t have federal requirements beyond paying federal taxes and complying with the Affordable Care Act.
Documents Required:
- Income documents; 1099-Misc / 1099-NEC.
- Profit & Loss Account showing Gross Income.
- a list of deductible expenses salaries and wages, office supplies, etc.
- Federal Tax Forms: Schedule C/ due on April 15 together with the Individual Form 1040.