The Most Common Tax Forms For Small Business Owners
2020 was a very different year for most of us—so much so that the IRS has officially pushed back the deadline for filing your 2020 taxes from the traditional April 15th to May 17th. However, some things, like the forms business owners need to file their taxes, haven’t changed. If you’re doing basic accounting for a small business, trying to juggle all those tax forms in the spring can be a full-time job. But it gets a whole lot easier if you know what you’re looking for and what you need to do with each form. With that in mind, here’s a guide to some of the most important tax forms you’ll need to keep an eye out for, whether you’re a sole proprietor or have dozens of people on your payroll. Tax Forms For Small Business Owners Form W-2 The official name of the W-2 form is the Wage and Tax Statement, and if you pay any employee more than $600 in a given year, then you owe them a W-2 form by January 31st of the following year, at the latest. The IRS requires employers to...