| Becoming a business owner is an important step in | | | | use. As an employer, some forms that you will need |
| taking control of your financial freedom. If this is your | | | | include a Quarterly Federal Tax Return and a Federal |
| first business, you will have your work cut out for you, | | | | Unemployment Tax Return. Employers also have to |
| but overall, it is a rewarding learning experience. One of | | | | complete forms for Social Security and Medicare |
| the things that causes a lot of worry to new and | | | | taxes. As a business owner you will also be required |
| established business owners alike, is tax time. As a | | | | to fill out a list of your itemized deductions and to |
| small business owner, you have more obligations and | | | | complete a Schedule C or Form 1040 that allows you |
| more factors to be aware of when looking after your | | | | to report if you had a profit or loss. These are just a |
| business. You also will have more forms to fill out than | | | | few of the tax forms you will need to complete, but it |
| you ever did as an employee. Fortunately there are | | | | gives you an idea of how much more information you |
| resources available to ensure that the proper forms | | | | need to supply to the government as a business |
| are completed. | | | | owner. |
| What forms you need will depend greatly on the type | | | | How to know which forms to select can be a very |
| of business that you are. If you are a sole proprietor, | | | | daunting and intimidating process. Fortunately, there are |
| working under your name, then you can simply file on | | | | different programs and software that can can help |
| your personal tax return. If you're doing business under | | | | you generate the proper forms and help make tax |
| a fictitious business name, also known as a DBA, for | | | | time less terrifying. If you have additional questions, you |
| "doing business as," you will have to file separately and | | | | can also visit the IRS website, where you can |
| that's when other tax forms will be needed. Many | | | | download all the forms and instructions that you need. |
| freelance or independent contractors do not work | | | | If you need help filling them out, you can always enlist |
| under a company name, but if you run a business | | | | the help of an accountant or tax professional who |
| where people are working for you, then you should | | | | specializes in small businesses. The important thing is |
| most likely have a separate company name with a | | | | you are not alone! There are many avenues you can |
| separate tax ID number and you will have to file | | | | take to make sure that you are filling out the |
| additional forms separately. | | | | necessary forms and that those forms are completed |
| There are many tax forms you will find that you need, | | | | properly. |
| and some forms that you won't know if you should | | | | |