A business tax return reports your business's income, expenses, and tax obligations to the IRS or state tax authorities. If you operate a business, you likely need to file, even if you didn’t make a profit.

• Self-Employed or Sole Proprietorship and Single-Member LLC: Report on Form 1040, using Schedule C and Schedule SE.
• Partnership: The partnership files Form 1065, and each partner reports income from Schedule K-1 on Form 1040 using Schedule E.
• S-Corporation: The S-Corp files Form 1120S, and shareholders report income from Schedule K-1 on Form 1040 using Schedule E.
• C-Corporation: The C-Corp files Form 1120, and shareholders report income (dividends/salary) on Form 1040.

The deadline depends on your business structure:

• Sole Proprietorships & Single-Member LLCs: April 15 (with personal taxes)
• Partnerships & Multi-Member LLCs: March 15
• S Corporations: March 15
• C Corporations: April 15

Extensions are available if you need more time.

You’ll typically need:

• Income statements and balance sheets
• Receipts for deductible expenses
• Payroll records (if you have employees)
• Previous year’s tax return
• 1099 forms (for contractors or independent work)

A tax extension allows you to request additional time to file your tax return. For businesses, it typically provides an extra six months to complete and submit your tax forms.

You can file for an extension using:

• Form 4868 for sole proprietorships and single-member LLCs (filed with your personal taxes).
• Form 7004 for partnerships, S corporations, and C corporations.

You’ll typically need:

• Income statements and balance sheets
• Receipts for deductible expenses
• Payroll records (if you have employees)
• Previous year’s tax return
• 1099 forms (for contractors or independent work)

Yes, but you’re required to make a reasonable estimate of your tax liability and pay as much as possible by the original deadline to avoid penalties.