Filing

What is filing?

Filing refers to officially submitting tax returns and required documents to the IRS, state tax agencies, or other government bodies. For small businesses, this typically means submitting income tax returns, estimated tax payments, and potentially sales tax reports depending on your business type and location.

Filing on time is essential—late filings can result in penalties, interest charges, and unwanted attention from tax authorities.

Common filing requirements

Depending on your business structure, you may need to file:

• Annual income tax returns — Form 1040 Schedule C for sole proprietors, or business-specific forms for LLCs and corporations
• Quarterly estimated taxes — If you expect to owe $1,000+ in taxes
• Sales tax returns — Monthly, quarterly, or annually depending on your state and volume
• Payroll tax filings — If you have employees
• 1099 forms — For subcontractors you paid $600 or more

Preparing for filing

Good record-keeping throughout the year makes filing easier. Keep your invoices organized, track expenses with receipts, and reconcile your accounts regularly. Many business owners work with an accountant or tax professional to ensure accurate filings.