Small Business Tax Preparation Checklist
Key Takeaways Your business structure determines which taxes you owe, which forms you file, and when everything is due, so that is always the starting point. Knowing your deductions before you file, not after, is the difference between paying what you owe and overpaying what you don’t. The 2026 tax year brings real changes: the […]
Form 8825: What It Is? How to Complete It?
When a partnership or S corporation owns rental real estate, that activity is generally reported on Form 8825 rather than mixed into ordinary business income on the entity return. Form 8825 reports rental real estate income and deductible expenses and feeds the net result into Schedule K of Form 1065 or Form 1120-S, then to […]
Form 4797: What It Is, How It Works, and Who Needs to File It
When a business sells a piece of equipment, a delivery vehicle, a commercial building, or any other asset it has used in operations, that transaction does not simply disappear from the tax return. It has to be reported, classified, and in many cases it triggers depreciation recapture. A mechanism that converts what might otherwise be […]
Form 943: What It Is, Who Must File, and Where to Mail It
Agricultural employers use IRS Form 943 to report federal payroll taxes for farmworkers on an annual basis rather than quarterly. It is the return for reporting federal income tax withheld, Social Security tax, Medicare tax, and Additional Medicare Tax related to agricultural wages that are subject to those rules. For employers handling 2026 farm payroll, […]
Form 8300: What It Is, Who Must File
Most business owners do not think about Form 8300 until a customer wants to pay with a large amount of cash or the business receives a notice related to information return penalties. But Form 8300 is an important compliance requirement for many cash-accepting businesses. Form 8300 is used to report certain cash payments over $10,000 […]
Form 2553 Explained: S Corporation Election Rules and Deadlines
One form, filed correctly and on time, can permanently change how a business is taxed. That form is IRS Form 2553, and for many small business owners it is one of the most important federal tax elections they will ever make. Form 2553 is used to elect S corporation status. Once the election is effective, […]
Form 4562: Complete Guide to Depreciation and Amortization
Depreciation can be one of the most valuable deductions available to a business, but only if it is reported correctly. IRS Form 4562 is the form used to claim depreciation and amortization, make a Section 179 election, and report business use of vehicles and other listed property. If you bought equipment, furniture, machinery, software, a […]
Form 8829: How to Claim and Calculate the Home Office Deduction
What Is Form 8829? IRS Form 8829, Expenses for Business Use of Your Home, is the form self-employed taxpayers generally use to calculate the home office deduction when filing Schedule C (Form 1040) using the actual-expense method. The form is used to determine the allowable expenses for the business use of your home and any […]
Form W-2: Wage and Tax Statement
Every January, millions of workers receive Form W-2, one of the most important tax documents of the year. Whether you are filing your first return or have been doing your own taxes for years, understanding your W-2 is essential. Form W-2, officially called the Wage and Tax Statement, shows how much your employer paid you […]
What Is Form W-9? 2026 Guide for Contractors & Businesses
If someone has asked you to complete Form W-9, you may be wondering what you are signing, why they need it, and what the IRS does with the information. Form W-9 is one of the most commonly requested tax forms in the United States, but it is also one of the most misunderstood. Form W-9, […]