This guide provides an overview of federal tax filing for small business owners operating as a sole proprietor or limited liability company ("LLC"). Even businesses who rely on an accountant or other professional to prepare taxes should be aware of the process and requirements related to the annual filing of income taxes. The information below includes details on required forms, documentation to collect and keep, common deductions, deductions to avoid, filing deadlines and online resources.
As a small business owner, you need every tax break you can get. Unfortunately, many owners simply don’t know the areas where they can receive tax deductions.