Filing Your Startup’s Tax Return for the First Time
Filing a return for a startup for the first time can be overwhelming considering everything else that is going on with getting a startup off the ground and running. As a startup, it’s important to be aware of your filing requirements as most startups make the common mistake of filing incorrectly or missing tax deadlines which can lead to your startup paying hefty penalties and interest. If your startup needs more time to file your tax returns, you can file an extension with the IRS for additional time, however, you are still required to pay any taxes due before the deadline to avoid additional interest.
We’ve provided a list of things needed to help prepare you when filing a return for a startup for the first time.
- Determine which federal form to use. This depends on how the business is structured
| Sole Proprietor | Form 1040 |
| Partnerships | Form 1065 |
| Corporations | Form 1120 |
| Limited Liability Company | This can either be Form 1040, 1065, or 1120 depending on what elections are made. |
- Determine your state nexus and where to file your state tax returns
- Federal Employer Identification Number
- Articles of Incorporation and Operating Agreement
- Shareholder SSN and Address
- Business financials (income statement, balance sheet, operating expenses, statement of cash flows, bookkeeping, business expenses, etc.)
- 1099 forms for all contractors and vendors
If you’re unsure about where to begin, the tax team at Maemura & Co., CPAs LLP can assist your startup in filing your tax returns to ensure you’re meeting all of your tax filing obligations.