Question by Travis S: What do you have to do as far as taxes go to open up a small business?
I just want to know how you file taxes when you own a small business.
Best answer:
Answer by AnnieG
Depends on how you have structured your small business. If you are a sole proprietorship, you file your taxes along with your personal tax return using an additional irs form – schedule c.
If you are incorporated you might have to file the 1120 form or 1120-S (for s corporation).
What do you think? Answer below!
If it’s a sole propriotorship, it goes on schedule C,
Corporations are 1120, or 1120S.
Partnerships are 1065s.
It really depends on what type of business. They all require, however, that you keep accurate, up to date, detailed books to give your CPA and avoid an IRS audit.