Small business owners must file yearly income tax returns, with requirements varying by business structure: LLC, partnership, S corporation, C corporation, or sole proprietorship. Most will owe quarterly estimated tax payments and should hire an accountant rather than attempt DIY filing.
What are the taxes small business owners need to know about? So the first one comes to mind, income tax. Once a year you file a tax return either for your business and/or your personal. You have things like LLCs, partnerships, S corps, C corps, those all have a separate tax filing. If you're a sole proprietor, your business activity goes on your personal return. These income tax returns are going to cover your federal income tax. There's usually a state income tax that happens as a byproduct of that, and you may get a request from your accountant to make quarterly estimated income tax payments as a prepayment for your income tax for the upcoming year. We have some articles and blog posts if you're looking to do that yourself, but most people are going to pay an accountant, and a good accountant will be able to handle the income tax filing for you.
