Common Tax Forms for Small Businesses

Small business owners encounter numerous tax forms throughout the year, each serving a specific purpose in reporting income, paying taxes, or providing information to the IRS. Understanding which forms you need helps ensure compliance and reduces confusion during tax season.

This guide explains the most common IRS forms for businesses that small business owners typically work with, what each form does, and when it's required.

Income Tax Forms by Business Structure

The forms you file depend primarily on how your business is legally structured.

Schedule C (Form 1040) is used by sole proprietors and single-member LLCs. This form reports business income and expenses and attaches to your personal tax return. It calculates your net profit or loss, which then flows to Form 1040.

Form 1065 is the informational return filed by partnerships and multi-member LLCs taxed as partnerships. The partnership itself doesn't pay income tax, but this form reports the partnership's income, deductions, and distributions. Each partner receives a Schedule K-1 showing their share.

Form 1120-S is filed by S Corporations. Like partnerships, S Corps are pass-through entities. This form reports the corporation's income, deductions, and credits. Shareholders receive Schedule K-1 forms showing their portion of the income.

Form 1120 is the corporate tax return for C Corporations. Unlike pass-through entities, C Corps pay their own income tax. This is a standalone return separate from the owners' personal taxes.

These small business tax forms represent your annual income tax reporting obligation and are typically due several months after year-end, though the exact deadline varies by entity type.

Self-Employment and Payroll Forms

If you have self-employment income or employees, additional forms come into play.

Schedule SE calculates self-employment tax on net earnings from self-employment. This form attaches to your personal return if you have business income reported on Schedule C or income from a partnership or S Corp that's subject to self-employment tax.

Form 941 is the quarterly payroll tax return filed by employers. It reports income taxes withheld from employees' paychecks, plus Social Security and Medicare taxes for both employees and the employer's matching portion.

Form 940 reports federal unemployment (FUTA) tax. This is an annual form filed by employers, separate from the quarterly Form 941.

Form W-2 must be provided to each employee by early in the year following the tax year. It reports the employee's annual wages and the taxes withheld. You also send copies to the Social Security Administration and state agencies.

Form W-3 is a transmittal form that accompanies W-2s when you send them to the Social Security Administration. It summarizes the information from all W-2s issued.

Information Returns for Payments to Others

When you pay contractors, service providers, or certain other recipients, you may need to issue information returns.

Form 1099-NEC reports payments to independent contractors and non-employees for services. If you pay a contractor or freelancer more than a certain amount during the year, you must issue this form to them and file a copy with the IRS.

Form 1099-MISC reports various types of miscellaneous payments, including rent, royalties, and certain other compensation that doesn't fit on 1099-NEC.

Form 1099-INT reports interest payments, typically used if your business pays interest to individuals or certain entities.

Form 1099-DIV reports dividend payments and distributions.

Form 1096 serves as a transmittal when you mail paper copies of 1099 forms to the IRS. It summarizes the information returns you're submitting.

These forms are typically due to recipients by early in the year following the payment year, with IRS copies due shortly after.

Estimated Tax and Extension Forms

Throughout the year and at filing time, you may need forms related to estimated taxes and extensions.

Form 1040-ES is used to calculate and pay quarterly estimated taxes for individuals, including sole proprietors. The form includes payment vouchers for each quarter and a worksheet to help estimate your liability.

Form 7004 requests an automatic extension of time to file business tax returns. This extends the filing deadline but not the payment deadline—you still need to pay estimated taxes by the original due date to avoid penalties.

Extensions are available for Forms 1065, 1120, and 1120-S. The extension period varies by form, typically providing several additional months to file.

State equivalents often exist for estimated taxes and extensions. Most states with income tax have their own estimated payment systems and extension procedures.

Employment and Benefits Forms

If you offer certain benefits or have employees, additional specialized forms may be required.

Form 5500 is required for most retirement plans. This is an annual report that provides information about the plan's financial condition, investments, and operations. Small businesses with certain types of retirement plans must file this.

Form 8027 is filed by businesses in the food and beverage industry to report tip income.

Form W-4 isn't filed with the IRS, but employees complete it to indicate their withholding preferences. You keep these on file and use them to calculate payroll withholding.

Form I-9 verifies employee eligibility to work in the United States. This isn't an IRS form—it's a Department of Homeland Security form—but it's required for all employees and must be kept on file.

Specialized Business Forms

Certain situations or activities require additional forms.

Form 8829 calculates the home office deduction for business use of your home. This form determines the percentage of home expenses that can be deducted and attaches to Schedule C.

Form 4562 reports depreciation and amortization of business assets. If you purchase equipment, vehicles, or other assets for your business, this form calculates the depreciation deduction.

Form 8825 reports rental real estate income and expenses for partnerships and S Corporations. Real estate activities reported on this form are different from those on Schedule E for individuals.

Form 2553 elects S Corporation status. This isn't an annual filing—it's a one-time election that you file when choosing to be taxed as an S Corp rather than a standard corporation.

Form 8832 elects how an LLC will be taxed (as a corporation, partnership, or disregarded entity). Like Form 2553, this is typically filed once, not annually.

Forms for Specific Industries or Situations

Some forms apply only to particular types of businesses or circumstances.

Form 720 reports federal excise taxes on specific goods and activities like fuel, air transportation, and certain manufacturing. This is quarterly for most filers.

Form 1065-B is filed by electing large partnerships, a special category with specific reporting rules.

Schedule K-1 isn't filed independently—it's generated by partnerships and S Corporations to report each owner's share of income, deductions, and credits. Owners receive their K-1 and use it to complete their personal returns.

Form 8821 authorizes the IRS to disclose your tax information to a designee like an accountant or tax professional. This differs from a power of attorney but allows someone to receive and review your tax information.

Deadlines and Filing Requirements

Different forms have different deadlines, and understanding these timing requirements is part of staying compliant.

Annual income tax returns generally have deadlines several months after year-end, though the specific date depends on entity type and whether you file for an extension.

Quarterly forms like Form 941 for payroll taxes and Form 1040-ES for estimated taxes follow a quarterly schedule with specific due dates for each period.

Information returns like W-2s and 1099s are typically due to recipients by early in the year and to the IRS shortly after.

Event-driven forms like Form 2553 for S Corp elections have deadlines tied to when you want the election to take effect.

Missing deadlines can result in penalties and interest, which is why many business owners work with professionals to ensure timely filing of all required forms.

If you're not sure which forms apply to your business structure or activities, Zoila Tax can help identify what you need to file.