First Time Filing Taxes as a Business Owner? Read This First

Tax season as a new business owner can feel like you just got dropped into a movie midway through—with zero context. Deadlines, deductions, forms... where do you even start?

The good news? You're not alone. Every seasoned entrepreneur was once right where you are, wondering if they were about to mess something up. So take a breath—we got you.

Let’s walk through what first-time business owners actually need to know, without the jargon.

1. Know Your Business Structure (It Actually Matters)

Before you file anything, you need to know what kind of business you’re running on paper. Your structure determines how you’re taxed.

Sole Proprietor: Super simple. You report profits and losses on your personal tax return (Form 1040 + Schedule C).

LLC: Flexible. Can be taxed like a sole prop, partnership, or corporation depending on how you set it up.

Corporation (C-Corp or S-Corp): More complex. Comes with its own tax return (Form 1120 or 1120S) and some serious paperwork—but also more legal separation.

💡 Pro tip: If you’re not sure what you chose—or what’s best for your goals—book a strategy session with us. We’ll help you figure it out, no guessing game needed.

2. Mark Your Calendar: Important Tax Deadlines

Staying on top of deadlines = no late fees or panic.

Here are a few to keep in mind:

• March 15 – Deadline for S Corps and partnerships to file

• April 15 – Deadline for sole proprietors and single-member LLCs

• Quarterly Tax Payments – If you’ll owe more than $1,000, you’re probably expected to pay taxes four times a year, not just in April.

Create a calendar, set reminders—do whatever you need to avoid the “wait, what’s due when?!” chaos.

3. What Can You Deduct? More Than You Think.

This is where things get fun (and you save money).

Here are some common write-offs for first-timers:

• Home office expenses

• Startup costs (up to $5K your first year!)

• Business mileage

• Software & subscriptions (like Canva, Zoom, QuickBooks)

• Business meals (yep—50% if you're talking shop)

As long as it's ordinary and necessary for your business, you can likely deduct it. Just keep the receipts.

4. Know Your Tax Forms

Tax forms don’t have to be scary! Here’s a cheat sheet:

• Form 1040 + Schedule C – For sole proprietors

• Form 1065 – Partnerships

• Form 1120 or 1120S – Corporations

• Form 1099-NEC – If you paid contractors

• Form W-9 – To collect from your contractors

Not sure which ones apply to you? We’re happy to break it down. No shame in asking questions—that’s how you grow.

5. Should You DIY or Hire a Pro?

If your business is brand new with just a few transactions, tax software might do the trick (we see you, QuickBooks fans).

But if your business is growing, or you have a more complex setup (employees, multiple income streams, write-offs galore), a professional can save you time, stress, and money.

We’ve helped hundreds of new business owners avoid rookie mistakes and find deductions they didn’t even know existed.

6. Keep Those Receipts—Seriously

The IRS recommends keeping records for at least 3 years. But you’ll want them organized way before then.

Make sure to store:

• Receipts & invoices

• Bank statements

• Payroll info

• Contractor agreements (W-9s)

Digital tools (like Dext, QuickBooks, or Google Drive folders) can help keep everything neat without the paper clutter.

7. Helpful Resources So You’re Not Guessing

IRS.gov – Small Business Corner

SBA.gov – Free business workshops + guides

Your local chamber of commerce – Great for networking + learning

And of course… us.

In The Moment Financial Services is your go-to for real answers, smart strategies, and a whole lot less stress.

Final Thought

You’ve already done the brave thing by starting your business. Let’s make sure the IRS side of things doesn’t slow you down. The more you learn now, the easier it gets next time.

📌 Need a 1:1 to walk through your business taxes, deductions, or setup?

Book a strategy session with us—and let’s get you on track.