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Tax Knowledge Center

Small Business

Run the business. We run the tax.

LLC, S-corp, partnership, or C-corp — the federal return and the savings opportunities change with each. Here's the playbook.

Entity choice (federal tax view)

• Single-member LLC: disregarded, reported on Schedule C • Multi-member LLC: partnership (Form 1065) by default • S-corp election: saves SE tax on owner distributions, but requires reasonable W-2 wages • C-corp: 21% flat rate, but double taxation on distributed dividends

Top deductions to track

• Health insurance premiums (S-corp owners through payroll) • Retirement contributions (Solo 401(k), SEP-IRA) • Section 179 / bonus depreciation on equipment • Home office (regular or simplified method) • Vehicle mileage (track every business mile)

Mandatory filings

Annual income tax return + quarterly estimates. If you have employees: Forms 941, W-2, state unemployment, workers' comp. Don't forget the BOI report (FinCEN) for most LLCs and corporations.