Types of Small Business Tax Forms

There isn’t a one-size-fits-all business tax form. Depending on your business structure, you may need specific tax forms—like Form 1099-MISC or Form 1120—to report profits, losses, deductions, and credits to the IRS. Some of the most commonly used IRS forms used to report small business taxes include:

• Schedule C: Filed with your 1040, this is where you report income as a sole proprietor.
• Schedule K-1: Used to report income for pass-through entities. You will need to complete Schedule K-1 as an owner of an S corporation or partnership 
• 1099-Misc: Used to report rental income paid to landlords or gross proceeds paid to attorneys.
• 1099-NEC: Used to report non-employee compensation to people who do work for you like contractors, sub-contractors, etc. 
• Form 1120: Income tax return filed by C Corporations.
• Form 1120-S: Income tax return filed by an S corporation, filed separately from your personal income tax return.
• Form 1065: Income tax return filed by a partnership, filed separately from your personal income tax return.
• Form 720: Used for reporting excise taxes for your business. 

If you have questions about which forms to file or how to fill them out, a dedicated tax professional can help you to ensure you file correctly and on time.