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Financial Education

How to File Income Taxes as a Small Business

Once you’ve determined what type of legal entity your small business is, such as a sole proprietorship, LLC or corporation, among others, the real work of filing federal income taxes begins.

Although each entity uses a different tax form to report business income and expenses, generally the taxable business income is calculated in similar ways.

Here are four steps to filing federal income taxes for a small business*:

Tax & Accounting