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Bottom Line Up Front

  • For a smoother process, pull together the information you’ll need before you start filling out the forms.
  • Set aside time weekly to work on your return so you don’t have to do it in a rush all at once.
  • Check to make sure you have the right forms and know when the deadlines fall.

Time to Read

3 minutes

January 27, 2025

Tax season always sneaks up on us. Before you know it, it’ll be time to file your small business tax returns. Follow our 4 tips to make your tax season as easy as possible. 

1. Give yourself time to file

Try not to give into the temptation to put off filling out your business tax returns! Start now so you aren’t pressured to get it done quickly as the filing deadline approaches. Keep in mind that in addition to the time it takes to make calculations and fill out the forms, you’ll also need to spend time gathering your backup documentation. And don't forget to gather the necessary documents for your employees, shareholders, etc.

2. Get your taxes organized

Getting your records together (taxpayer identification number, financial records, backup for earnings and expenses, etc.) before you file will help make the process easier. It’ll also help you ensure that your return is correct and you’re not leaving any deductions from your taxable income on the table, such as those for a home office and other expenses for business purposes.

3. Find the right business tax forms

The tax form you need depends on the type of business you run. It’s important to have your business properly classified—not doing so could result in overpaying taxes. For example, if your business is a sole proprietorship, you should report your business income and expenses on a Schedule C attachment to your personal income tax return. 

If your business isn’t a sole proprietorship, the following are forms you may need, depending on your business structure:

  • Partnerships file using Form 1065.
  • Corporations file using Form 1120. If your business is structured as an S Corp, use Form 1120-S. 
  • Limited Liability Companies (LLCs) use different forms for filing based on how the business is taxed.

4. Pay attention to tax filing deadlines

Now that you’ve done the hard work, make sure you know when the filing deadlines fall so you don't miss paying your tax bill. Some years, a deadline may fall on a weekend or holiday. If it does, then the deadline is extended to the first business day immediately after.

This tax season, mark your calendars for these dates:

  • March 17, 2025: Calendar-year partnerships and multi-member LLCs must file Form 1065 with the IRS and distribute Schedule K-1s to partners by March 17. Calendar year S corporations also must file Form 1120-S by this date.
  • April 15, 2025: Sole proprietorships and single-member LLCs must include a Schedule C to be filed with the owner’s personal tax return by this date. Many corporations also must file Form 1120 by this date.

Special note: Check with the IRS to confirm these deadlines, especially if you've been impacted by an event like the January 2025 California wildfires, to see if you're eligible for a later deadline.

More tips for managing your business taxes

Helping self-employed business owners thrive and grow is all part of our mission. That’s why Navy Federal Credit Union offers business tools and tips on everything from getting a business loan to tips on finding the right advisors and partners. Explore our Business Solutions to learn more.

Next Steps Next Steps

  1. Gather all your required documents to file your taxes, and make sure you have all the correct tax forms based on your business classification. 
  2. Start gathering your necessary information early. The sooner you start, the more time you'll have to work on filing your taxes.
  3. Mark your calendar with the appropriate deadline for filing and set a reminder so you can make sure you file your business taxes on time. 

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Disclosures

This content is intended to provide general information and shouldn't be considered legal, tax or financial advice. It's always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.