Your new startup is thriving, your first year in business is drawing to a close, and things couldn’t be better. Then you remember: it’s time to file your taxes. 

Most business owners don’t know much about how to file a federal income tax return when they’re just starting out, but the good news is, we at TaxGlobal do. Here’s a list of all the forms you’ll need to get your taxes in order.

Sole Proprietor: Schedule C (Form 1040)

If your business is a sole proprietorship, you’ll simply report income and expenses using Schedule C as part of your personal income tax return (Form 1040). You report and pay your income tax as one individual, not as an individual and a separate business. And there’s no need to report the net worth of your business from one year to the next, since you’re the same entity.

Have more than one business? No problem. Just use a separate Schedule C for each one. There is one case in which you may use a different form: if your business is a farm, report income using Schedule F instead.

C Corporation: Form 1120

As a C corporation, you’ll file business taxes separately from individual taxes (any dividends or other info that applies to your personal income is reported on Form 1099), using Form 1120. As part of filling out that form, you’ll be asked to give balance sheet information for the start and end of that tax year. In a C corporation, both corporations and shareholders pay taxes (this is known as double taxes).

Partnership: Form 1065

In a partnership, you’ll file taxes using Form 1065. A partnership does not pay taxes on its own income, but each partner pays on their own income. The business should provide a Schedule K-1 to each partner reporting the items they need to pay taxes on. If you receive a Schedule K-1 as a partner, you can report these items using Schedule E in Part II of Form 1040.

S Corporation: Form 1065

In an S corporation, you’ll also use Form 1065, just as you would in a partnership. An S corporation does not pay taxes on its own income, but passes it on to shareholders, who then report income and loss on their own tax returns.

LLC: Schedule C (Form 1040), or Form 1120, 1120-S, or 1065.

As an LLC, you have a few options. If you own the company 100%, you can file Schedule C on your individual Form 1040, similar to a sole proprietorship. If you’d like to be classified as a C corporation, however, you also have the option of filing Form 1120; and if you’d like to be treated as an S corporation, you can file Form 1120-S. Finally, you can use Form 1065 if you’d like to file as a partnership.

Nonprofit: Form 990

Nonprofits report income, expenses, and balance sheet information using Form 990. Keep in mind that as a nonprofit, you’ll be required to give information about your organization's officers and funding sources.

If you are an employee of a nonprofit, you should receive a Form W-2 from them, which you can then report on your own income tax return.