Do I have to file taxes for my business in addition to filing as an individual?

Do I have to file taxes for my business in addition to filing as an individual?

Gregg Wind (Partner, Wind Bermer Hockenberg, LLP) gives expert video advice on: What are the tax implications of being self-employed? and more...

Generally speaking, if you have a small business and you're a sole proprietor, meaning you're not incorporated, you would report the results of your operations, your income and expenses, on a Schedule C with your federal tax return. Generally, you do have to account for your business income and expenses separately, and that inclusion is with the personal tax return; the tax is actually paid with your Form 14. If you're self-employed and you have a separate business entity like a partnership, a limited liability company, or corporation, you'll generally have to file a separate return for that entity. Partnerships and LLCs are usually due by April 15th, just like your individual tax return. Corporations are generally due March 15th. You can request a six-month extension to file.