Q:

What tax forms are needed for a small business owner?

A:

Quick Answer

Different tax forms are required depending on the structure of the small business, states Mashable. Partnerships must file Form 1065 while sole proprietors or LLCs in business as sole proprietors must file the Schedule C form. Corporations or LLCs treated as corporations require filling Form 1120.

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What tax forms are needed for a small business owner?
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Full Answer

These forms are for reporting income, losses, gains and expenses within each business, states Mashable. For individuals running a sole proprietorship or those who are a part of a partnership, the forms required above are to be filed in the individual's tax return. For any business treated as a corporation, a return must be filed for that corporation that is separate of the business owner's personal taxes.

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