Tax FAQs

Filing requirements, deadlines, and the questions we hear most from small business owners

1.What taxes does my small business need to pay?

Most small businesses owe federal income tax, and depending on your entity type, self-employment or payroll taxes as well. Many businesses also have state income tax, state and local sales tax, and franchise or annual report fees, and some are subject to industry-specific taxes. Your exact obligations depend on your entity type, where you operate, and whether you have employees, so we review this individually for every client.

2.What are the major US tax filing deadlines?

Individual returns (Form 1040) and C-corporation returns (Form 1120) are generally due April 15, while partnerships (Form 1065) and S-corporations (Form 1120-S) are due March 15. Estimated quarterly tax payments are typically due in April, June, September, and January of the following year. Deadlines shift when they fall on a weekend or holiday, and states often have their own separate due dates, so we track all of these for our clients throughout the year.

• Key takeaway — Mark your calendar: March 15 for partnerships and S-corps, April 15 for individuals and C-corps.

3.Can I get a tax filing extension?

Yes — most business and individual returns can be extended by filing the appropriate form (Form 4868 for individuals or Form 7004 for businesses), which generally grants an additional five to six months to file. It's important to understand that an extension gives you more time to file your paperwork, not more time to pay any taxes owed. We can estimate your liability and file the extension for you so you avoid late-filing penalties.

4.What are estimated taxes, and who needs to pay them?

Estimated taxes are quarterly payments made toward income and self-employment tax that isn't otherwise withheld, and they generally apply to sole proprietors, freelancers, partners, and S-corp shareholders who expect to owe $1,000 or more for the year. Missing or underpaying these quarterly payments can result in IRS penalties, even if you pay your full balance by the annual deadline. We calculate estimated payments for clients based on current-year income so there are no surprises.

5.How do I know what tax return to file based on my EIN and business type?

Your filing requirement is driven by your legal entity type, not just having an EIN: sole proprietors and single-member LLCs typically report on Schedule C with Form 1040, partnerships and multi-member LLCs file Form 1065, C-corporations file Form 1120, and S-corporations file Form 1120-S. Because an EIN alone doesn't tell you which form applies, we confirm your entity's actual tax classification with the IRS before determining your filing obligations. If you're unsure how your business is currently classified, we can look this up and walk you through what it means for you.

6.I had zero revenue and expenses—do I still need to file a tax return?

In most cases, yes. Corporations and partnerships are generally required to file an annual return even with no activity, and sole proprietors may still need to file depending on other income sources. Skipping a required filing can lead to IRS penalties and complications later, even when no tax is actually owed. We can confirm your specific filing requirement and, where a return is required, prepare a straightforward zero-activity filing on your behalf.

• Key takeaway — When in doubt, file. A simple zero-activity return costs far less than the penalty for skipping a required filing.

Updated on: 21/08/2026