First-Time Business Tax Filing

As a new business owner, taxes are probably the last thing on your mind. But since there’s no getting around them, here is some basic information about the forms you’ll need to file as a new business owner. In general, the form you must use to file your business taxes is determined by the type of business you have organized. Some business owners choose an LLC that has a lot of flexibility when it comes to filing taxes.

They can be taxed like a sole proprietor, partnership, or even like a corporation. If you are the only member of your LLC, then you will be automatically treated like a sole proprietor. Most multiple member LLCs will be treated like a partnership. If you intend to be classified as an S Corporation, you need to complete Form 2553. If you are organized as a C Corporation or S Corporation, you should file a Form 1120 or Form 1120S, respectively.

For more information on small business taxes, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.

Tags: Business Expenses, Corporation, Deductions, incorporation, IRS, LLC, Record Keeping, Recordkeeping, Small Business Taxes

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