Filing taxes as a small business owner can be complex, but understanding the basics can make the process smoother. Depending on your business structure, you may need to file different types of returns. Sole proprietors and single-member LLCs typically file a Schedule C as part of their personal 1040 tax return. However, if you operate as a partnership, multi-member LLC, or corporation, you’ll need to file a separate business tax return. It’s crucial to report all income and all deductions accurately. This includes revenue from sales, services, and any other business activities. Deductions can cover a wide range of expenses, such as office supplies, travel, and advertising costs. Be mindful of filing deadlines. For most small businesses, the tax return is due by March 15th. If you need more time, you can file for an extension, which typically gives you until September 15th. However, remember that an extension to file is not an extension to pay any taxes owed. Also, keep in mind that income taxes aren’t the only taxes you might be subject to. Depending on your business, you may need to pay self-employment taxes, payroll taxes, sales taxes, and more. Consult with your CPA to ensure you’re meeting all your tax obligations and taking advantage of any deductions or credits available to you.