Your business. Your dream. Your best tax season yet.
Congrats on starting your business! From P&L templates to deduction checklists, we’ve got everything you need to file your business taxes right the first time.
Your business. Your dream. Your best tax season yet.
Congrats on starting your business! From P&L templates to deduction checklists, we’ve got everything you need to file your business taxes right the first time.
HOW IT WORKS
A simple path to filing your business taxes
From organizing your records to submitting your return, follow these steps to file with confidence.
Gather your records.
Before you start filing, get everything you'll need in one place.
That includes:
Tip
Keeping these organized throughout the year makes tax season much smoother.
Prepare a P&L Statement.
Your P&L (or income statement) shows how much your business earned and spent over the year. It’s the foundation for your business tax return — and helps you see your profitability at a glance.
You’ll use it to:
Confirm your business type
Many new businesses form as LLCs. For tax purposes, the IRS looks at how your LLC is structured — single owner, multiple owners, or if you’ve elected S-corp or C-corp status.
| IRS classification | Applies to: | Common forms |
|---|---|---|
| Sole Proprietors | Self-employed individuals or single-member LLCs that haven’t elected another status | Schedule C (Form 1040) |
| Partnership | Multi-member LLCs or general partnerships | Form 1065, Schedule K-1 |
| S Corporation | Businesses that filed Form 2553 to elect S corp status | Form 1120-S, Schedule K-1 |
| C Corporation | Businesses taxed separately from their owners | Form 1120 |
Review & file confidently
Once you’ve entered your business information, you’ll see a clear summary of your results — what you earned, what you can deduct, and what you owe. TaxAct checks for accuracy, helps you spot potential savings, and makes it easy to file securely.
Filing both business and personal?
You can bundle your business return with your individual 1040 to keep everything in one place — one login, one seamless filing experience. Finish your first business tax season with confidence — knowing it's all done right.
4.4 Stars
What small business filers are saying.
First-year business owners trust TaxAct to make filing simple and stress-free.
Great experience!
“Everything went breezily well as usual. I would recommend it to anyone looking for a software to try our safely and securely.”
@Dr. Ban Oct 26, 2025
Worth it!
“Accurate, and easy to use. I was able to self complete with guides provided.”
@SandraL Oct 25, 2025
Easy Peasy
“This product literally walks you through the entire process. Gather your paperwork by form type and minutes later your e-file is complete. I filed using an extension, but still received my ACH Deposit in under 2 weeks.”
G in FL Oct 7, 2025
Guides & resources for new business filers
Not sure where to start? These guides help you choose the right entity, understand your deadlines, and maximize deductions before you file.
Compare S corps and LLCs side by side on taxes, liability, and paperwork. Comparison tables show which structure fits your business, and FAQs cover payroll taxes and when to elect S corp tax status.
Compare staying a sole proprietor with forming an LLC, from setup cost to how income is taxed. A side-by-side breakdown weighs simplicity against liability protection, with FAQs to help you decide.
See how C corps and S corps differ on double taxation, shareholder limits, and distributions. A comparison table breaks down rates and compliance, with FAQs on choosing the right corporate structure.
A step-by-step TaxAct Blog guide to filing Form 1120-S, from gathering records to issuing K-1s. Sections walk you through each part of the return and deadline, ideal for a first-time S corp filer.
A step-by-step TaxAct Blog guide to Form 1065, covering income allocation, Schedule K-1s, and due dates. Learn what partnerships report each year, with FAQs on common first-year filing questions.
2026 filing and extension dates by business entity in one easy-to-scan table. See when 1120-S, 1065, and Schedule C returns are due, how Form 7004 works, and FAQs on penalties for missed deadlines.
Learn who owes quarterly estimated taxes, how to calculate payments, and Q1 to Q4 due dates. Includes related guides and FAQs on Form 1040-ES and underpayment penalties, so year-end has no surprises.
Estimate the Social Security and Medicare tax on your net self-employment profit with our free calculator. Enter your numbers for instant results, useful for planning your quarterly estimated payments.
Simple checklists that help you gather the right tax forms and records before you file. Organized by situation, from W-2 income to self-employed and business returns, so nothing important gets missed.
A TaxAct Blog roundup of 16 common small business write-offs, from home office and mileage to startup costs. Real examples help you compare against your own expenses and spot deductions you may miss.
