When tax season comes, it’s important to understand your options for filing business taxes. IRS requirements for small business taxes can be more or less complex, depending on the type of business entity. For example, LLC taxes are usually quite simple, while dealing with S Corp taxes can be more complicated and requires a specialized S Corp tax return. However, filing as an S Corporation could save you tax dollars. Meanwhile, if your company is a C Corporation, you need to pay C Corp tax rates on any qualifying corporate profits.
Filing a business tax return is part of the annual requirements for managing your small business taxes. Just like your personal tax return, the IRS expects your business to file a business tax return even if your business does not owe taxes.