What is a business tax return?

A business tax return is the annual filing that reports income, deductions, and tax liability to the IRS and state tax authorities. The specific form depends on entity type: Schedule C for sole proprietors, Form 1065 for partnerships, Form 1120S for S corporations, and Form 1120 for C corporations. Each structure has different filing requirements, deadlines, and tax implications.

Key deadlines by entity type

S corporations and partnerships file by March 15, or September 15 with extension. C corporations file by April 15, or October 15 with extension. Sole proprietors file with their personal return by April 15, or October 15 with extension. Extensions give more time to file but do not extend time to pay. Estimate and pay any tax owed by the original deadline.

Information your preparer needs

Gather year-end financial statements, bank statements, loan documents showing interest paid, asset purchase records, payroll reports, 1099s issued and received, prior year returns, and estimated tax payment records. Organized information reduces preparation time and cost. Missing documents delay filing and can result in missed deductions.