Small business tax guides
35 guides to the returns, deadlines and forms small businesses deal with in the US and Canada. Short answers first, with the official source for every fact.
S corporations
- C corp vs S corp: taxes, owners, forms and deadlines side by sideHow the IRS taxes a C corporation and an S corporation, who can own each, which returns each files, the March and April due dates and how an S election starts and ends. Every fact from IRS pages.
- Form 1120-S: what the S corp return needs, K-1s, deadlines and a records checklistWho files IRS Form 1120-S, the March 16, 2026 due date, the $250,000 test for skipping Schedules L, M-1, K-2 and K-3, how Schedule K-1 works, the late-filing penalties and the records to gather first.
- Form 2553 and the S corp election: who qualifies, the deadline and late election reliefHow to elect S corporation status on IRS Form 2553: the eligibility tests, the 2 months and 15 days deadline worked out with dates, where to mail or fax it by state, and late election relief under Rev. Proc. 2013-30.
- How S corps are taxed: pass-through income, salary, basis and Form 1120-SAn S corporation generally pays no federal income tax itself. Income passes to shareholders at their own rates. See the reasonable salary rule, how distributions and basis work, the entity-level taxes, Form 1120-S deadlines and penalties.
- LLC vs S corp taxes: forms, self-employment tax and deadlinesAn LLC is a state legal structure. An S corp is a federal tax election. See how each is taxed, which IRS forms each files, the 2026 self-employment tax math and the Form 2553 deadline.
- S corp tax deadline: when Form 1120-S is due and how to extend itForm 1120-S is due the 15th day of the 3rd month after the tax year ends (March 16, 2026 for 2025 calendar-year returns). See the Form 7004 extension, estimated tax dates, the Form 2553 deadline and the 2026 and 2027 late-filing penalties.
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C corporations
- C corp tax rate: the 21% federal corporate rate explainedC corporations pay a flat 21% federal income tax on taxable income. See how the rate applies, what reduces taxable income, who files Form 1120, the due dates, estimated tax rules and 2026 penalties.
- Form 1120: who files the C corp tax return, when it's due and how it's laid outIRS Form 1120 is the U.S. corporation income tax return. See who must file it, the April 15 due date and the June 30 fiscal-year exception, every schedule on the six-page form, the $250,000 and $500,000 thresholds, penalties and record rules.
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Partnerships and multi-member LLCs
- Form 1065: who files the partnership return, what's in it, and when it's dueIRS Form 1065 is the U.S. Return of Partnership Income. See who must file, the March 15 deadline (March 16, 2026 for 2025 returns), what each schedule is for, the Schedule B question 4 shortcut and the 2026 penalties.
- How LLCs are taxed: single-member, multi-member and electionsThe IRS has no LLC tax category. It taxes an LLC as a disregarded entity, a partnership or a corporation. See the default rules, the Form 8832 and Form 2553 elections, the returns each files and the deadlines.
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Sole proprietors and single-member LLCs
- IRS standard mileage rate 2026: 72.5 cents, then 76 cents from July 1The 2026 IRS mileage rates for business, medical, moving and charity, before and after the July 1 increase, with the rules for who can use them, the split-year math and the rate history.
- QBI deduction 2026: thresholds, the new $400 minimum and Form 8995The qualified business income (Section 199A) deduction for 2026: up to 20% of QBI, the $201,750 / $403,500 thresholds and phase-in ranges from Rev. Proc. 2025-32, the new $400 minimum deduction, what counts as QBI and Form 8995 vs 8995-A.
- Schedule C (Form 1040): line-by-line guide and the records each line needsSchedule C reports profit or loss from a sole proprietorship or one-member LLC. A line-by-line map of the 2025 form, the records behind each line, the mileage and home office rates, and how line 31 flows to Schedule SE.
- Self-employment tax: the 15.3% rate, 2026 wage base and how to figure itSelf-employment tax is 15.3% (12.4% Social Security plus 2.9% Medicare) on 92.35% of net earnings. See the 2026 $184,500 wage base, the $400 filing rule, the deduction for half and worked examples with IRS sources.
- Sole proprietorship vs LLC: same default taxes, different liability and optionsBy default the IRS taxes a one-owner LLC the same way as a sole proprietorship: Schedule C and 15.3% self-employment tax. See what actually differs: liability, tax elections, EIN and W-9 rules, spouse ownership and deadlines.
- When are LLC taxes due? 2026 and 2027 deadlines for all four LLC tax typesLLC tax due dates depend on how the IRS taxes the LLC. One table with the 2026 and 2027 deadlines and extensions for single-member LLCs (Schedule C), partnerships (Form 1065), S corporations (Form 1120-S) and C corporations (Form 1120), plus estimated tax dates and late penalties.
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Bookkeeping
- Affordable bookkeeping: what cheap plans cover and where they cut cornersWhat low-cost bookkeeping should include, what usually sits outside it (payroll, tax returns, 1099s), and the IRS rules and penalties that cost more than the savings when they're skipped.
- Automated bookkeeping: what software does, what it doesn't, and the IRS rules for electronic booksWhat bookkeeping automation handles and what still needs records and review: IRS rules for computerized records (Rev. Proc. 98-25 and 97-22), what examiners ask for, how long to keep records, and what BLS says about automation and bookkeepers.
- Bookkeeper hourly rate: $24.36 median wage and the real cost per hourWhat bookkeepers earn per hour from May 2025 BLS data, what an employer really pays per hour once benefits and payroll taxes are added (June 2026 BLS cost data), and what changes when you pay a contractor instead.
- Bookkeeping basics for small businesses: records, rules and how long to keep themA beginner's guide to small business bookkeeping: what to record, the IRS rules on recordkeeping systems and the cash method, self-employment tax, 1099s and W-9s, and how long to keep each kind of record.
- Bookkeeping for doctors and medical practices: receivables, cash vs accrual, staff and 1099sHow bookkeeping works for a physician practice: when insurance and patient payments count as income under the cash and accrual methods, which practices can use the cash method, what an office of physicians employs and pays, and the 2026 Form 1099 rules.
- Outsourcing bookkeeping: when it makes sense and how the handover worksWhat you hand over when you outsource bookkeeping, what an in-house bookkeeper costs by BLS data, the IRS deadlines your books feed, and a step-by-step handover with the IRS access tools.
- Tax accountant for a small business: what they do, credentials and representation rightsWhat a tax accountant does for a small business, how CPAs, enrolled agents and PTIN-only preparers differ in IRS representation rights, how to check a preparer, and the IRS filing rules and penalties the work revolves around.
- What does a bookkeeper do? Duties, records and pay, from BLS and IRS sourcesA plain description of a bookkeeper's job from the Bureau of Labor Statistics: the ledger, deposits, payables, receivables, reconciliations and reports. Plus the IRS records a bookkeeper keeps, how long to keep them, and May 2025 pay.
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Deadlines and extensions
- 1099-NEC deadline: January 31, the 2027 date, the $2,000 threshold and penaltiesWhen Form 1099-NEC is due to contractors and the IRS, how the weekend rule moves January 31, how it differs from 1099-MISC, the $600 to $2,000 threshold change, IRIS e-filing and the 2026 and 2027 penalty tables.
- Form 941 due dates for 2026: quarterly deadlines and deposit schedulesForm 941 is due April 30, July 31, October 31 and January 31. See the 10-day extension rule, monthly vs semiweekly deposits, the 2026 lookback period, the $2,500 and $100,000 rules and the Line 5 math.
- W-2 deadline: January 31 rule, 2026 and 2027 dates, extensions and penaltiesForm W-2 is due to employees and the SSA by January 31, moved to the next business day on weekends: February 2, 2026 for 2025 wages. Extensions on Forms 8809 and 15397, the 10-return e-file rule and the 2026 and 2027 late penalties.
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Estimated tax and planning
- Business tax planning: estimated taxes, safe harbors and the 2026 numbersYear-round business tax planning with IRS sources: who pays estimated tax ($1,000 individuals, $500 corporations), payment dates, the 90%/100% safe harbor, annualizing uneven income and the 2026 Section 179, QBI and mileage figures.
- Quarterly estimated tax dates for 2026 and 2027The four IRS estimated tax due dates for 2026 (April 15, June 15, September 15 and January 15, 2027), the 2027 dates, who must pay, the safe harbor rules, the weekend rule and every way to pay.
- Section 179 deduction: limits, what qualifies and how to claim it on Form 4562The Section 179 deduction lets a business expense qualifying property in the year it's placed in service. See the $2,500,000 limit for 2025, the $4,000,000 phase-out, SUV and car caps, the business income limit, recapture and how Form 4562 Part I works.
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Payroll forms and 1099s
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Canada
- Corporate tax filing services in Canada: what a T2 filing involvesWho has to file a T2, the six-month filing deadline, the two- or three-month balance-due day, mandatory e-filing, CRA penalties and 2026 corporate tax rates by province, with CRA sources.
- Form T2125: Statement of Business or Professional Activities, part by partWhat CRA Form T2125 is, who files one (and when you need more than one), how Part 3A business income works line by line, and the June 15 and April 30 dates, instalments and 2026 CPP that come with it.
- GST/HST registration: the $30,000 small supplier rule and how to get a GST numberWhen a Canadian business has to register for the GST/HST, how the $30,000 small supplier test works by calendar quarter, the 29-day deadline, voluntary registration and how to open an RT account with the CRA.
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Business tax basics
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