If you are a small business owner, you may need to file taxes. With unique deadlines and dozens of tax forms, learning how to file can be overwhelming. Small business owners must also avoid costly mistakes and ensure they claim all eligible deductions. However, taxes don’t have to be stressful for small businesses.
Whether you need tax filing advice or accounting software, we’ve got you covered. This simplified guide clearly explains 25 essential tax forms for small businesses. Reviewing these forms and deadlines will help you understand how to file taxes for your small business.
Form 720
Businesses that pay federal excise taxes must file Form 720 quarterly. Excise taxes apply to certain goods and services manufactured or imported into the U.S. Unlike sales taxes, excise taxes are imposed when goods are produced, not at the point of sale. Items subject to excise tax include:
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Environmental taxes
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Communication and air transportation taxes
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Fuel taxes
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Retail taxes (on trucks, trailers, chassis, and bodies)
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Ship passenger taxes (for water transportation)
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Manufacturer’s tax (on coal)
What is Form 720?
A form for paying excise taxes on certain business activities.
Who Needs to File Form 720?
Businesses that sell products or services subject to excise taxes.
Key Deadlines:
The IRS requires Form 720 to be submitted by the last day of the month following the end of each quarter:
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Q1: April 30
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Q2: July 31
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Q3: October 31
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Q4: January 31
Form 940
Form 940 is an annual tax return for the Federal Unemployment Tax Act (FUTA). This tax funds unemployment benefits for workers who lose their jobs.
Who Needs to File Form 940?
Employers who meet either of the following criteria:
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Paid at least $1,500 to W-2 employees in a calendar year
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Had one or more employees for at least 20 weeks in a year
Key Deadline:
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January 31 (If all FUTA taxes are deposited on time, the deadline extends to February 10)
Form 941
Businesses report payroll information (wages, tips, and withheld taxes) using Form 941. This form also ensures employers contribute their portion of Social Security and Medicare taxes. Businesses must file Form 941 quarterly.
What is Form 941?
A report of employee wages, tips, and tax withholdings.
Who Needs to File Form 941?
All businesses that pay wages to employees.
Key Deadlines:
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Q1: April 30
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Q2: July 31
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Q3: October 31
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Q4: January 31
Schedule B (Form 941)
Businesses classified as semiweekly depositors must file Schedule B along with Form 941. The IRS considers you a semiweekly depositor if:
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Your tax liability for the lookback period exceeded $50,000
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You accrued at least $100,000 in tax liability on a single day
Schedule B reports daily tax liability for employment taxes.
Form 944
Similar to Form 941, Form 944 is an annual payroll tax return for small businesses. It simplifies reporting for businesses with less than $1,000 in annual federal income tax liability.
What is Form 944?
A simplified payroll tax return for eligible small businesses.
Who Needs to File Form 944?
Businesses with less than $1,000 in annual payroll tax liability.
Key Deadline:
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January 31
Form 1040
All U.S. taxpayers use Form 1040 to file their personal income tax returns. Business owners and employees declare their filing status, claim deductions and credits, and determine their tax liability.
Who Needs to File Form 1040?
Any individual with taxable income, except those exempt from taxes.
Key Deadline:
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April 18
Schedules for Form 1040
While Form 1040 covers income and losses, self-employed individuals may need to file additional schedules:
Schedule C
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Reports business income and losses for sole proprietors
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Must be attached to Form 1040 if you operate as a sole proprietor
Schedule SE
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Used by self-employed individuals to calculate Social Security and Medicare taxes
Schedule ES
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Used to calculate and pay estimated taxes on non-wage income (e.g., self-employment income, interest, dividends, rental income)
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Quarterly Payment Deadlines:
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April 18
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June 15
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September 15
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January 15 (of the following year)
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Form 1065
Also known as the U.S. Return of Partnership Income, Form 1065 reports business income and losses for partnerships and multi-member LLCs.
Who Needs to File Form 1065?
Any business operating as a partnership or multi-member LLC.
Key Deadline:
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March 15
Schedule K-1 (Form 1065)
Business owners in partnerships must file Schedule K-1 to report their share of income, deductions, and credits.
Form 1099-NEC
Businesses must send Form 1099-NEC to independent contractors who received at least $600 in payments during the tax year. This form reports non-employee compensation, similar to how Form W-2 reports wages for employees.
What is Form 1099-NEC?
A tax form for reporting payments to independent contractors.
Who Needs to File Form 1099-NEC?
Any business that hires freelancers or contractors.
Key Deadline:
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January 31
Other Types of Form 1099
While Form 1099-NEC focuses on contractors, other 1099 forms report different types of income:
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1099-INT – Reports interest income
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1099-DIV – Reports dividend income
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1099-R – Reports distributions from retirement accounts
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1099-S – Reports real estate transactions
By understanding these tax forms and deadlines, small business owners can stay compliant, minimize tax liability, and avoid penalties. Consider working with an accountant or using tax software to simplify the filing process.
