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Types of Tax Forms for Businesses

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21 Jan. 2023. Small business owners, entrepreneurs, freelancers, and corporate finance executives have to deal with business taxes regularly.

Tax season comes every year, and even though it’s always the same, it’s still hard to deal with. If you own a small business, filing business taxes might be scary.

This post lists the major tax forms a business owner should consider while preparing tax information. Remember that keeping track of each item on the list all year long is better than hurriedly putting together forms at tax time.

Tax Forms for Businesses Relating to Employees

When hiring people, business owners need to know which tax and IRS forms they need to fill out. Some of these files include:

IRS Form 1099

What is form 1099? Form 1099 is a tax form that taxpayers use to tell the Internal Revenue Service (IRS) about the miscellaneous income they receive throughout the year. It comes in different forms, such as 1099-MISC, 1099-NEC, and 1099-INT. Freelancers who receive final versions from individual clients are most likely to use this form.

Withholding Certificate for Employees: Form W-4

Employees fill out Form W-4 to show the amount that IRS should withhold from their payrolls. Employees use this form to report personal information, employment status, dependents, and tax modifications.

Wage and Tax Statement: W-2 Form

Form W-2 is given to employees by their employers. This form contains essential information on the salary of full-time and part-time employees, annual wages, and tax withholdings. Businesses issue W-2 forms to their employees by January 31.

Tax Forms for Businesses to File

Business owners also need to send or issue specific paperwork. Some of these papers are given to employees, while others must be submitted directly to the IRS.

Form 1040

What is Form 1040? Form 1040 is the Individual Income Tax Return. This form helps to:

  • Determine your filing status
  • Declare your earnings.
  • Make a standard deduction claim.
  • Report dependents.

Business Profit and Loss: Schedule C

Schedule C is for sole proprietorships and is called “Profit or Loss from Business.” This form needs to be filled out along with a standard 1040 form. The information on Schedule C helps the IRS determine how much you owe in taxes. It also allows you to find write-offs that lower the amount you have to pay.

Return of Partnership Income: Form 1065

If your business is a partnership, you will have to pay taxes for both the partnership as a whole and the people who make up the partnership. As a partnership, you must fill out Form 1065, an annual information return, to report your business’s gains, deductions, income, credits, and losses.

Corporation Income Tax Return: Form 1120

This form reports income or losses for the corporation. A corporation must submit Form 1120 annually. The stages on the form should establish and declare a company’s income tax liability.


Although most business owners find preparing tax documents and reporting company income complex, in-depth knowledge of the required documents can be helpful.

This guide is a good starting point for business owners who want to stay organized all year, but it doesn’t cover everything. If you have questions about your business’s finances that are unusual or specific, talk to a certified tax expert.

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