Congratulations on being a small business owner!
The tax returns(s) you have to file depend on the legal structure of your business. Generally speaking, if you are the sole owner of an unincorporated business, you report the business on your personal tax return, on a Schedule C. That should be how you reported your business in the past, before you incorporated.
However, you mentioned that you incorporated the business. That may trigger a requirement for the business to file a separate business return. Assuming you are the only owner of the business (if there are multiple individuals that own the business, it changes the below answer to your question):
- If you became an LLC, the standard IRS rules are that a Single Member LLC (SMLLC) is considered for tax purposes a disregarded entity, meaning you would continue to report the business activity on your personal tax return, Schedule C. However, your SMLLC can make an election with the IRS to be taxed differently, such as a C Corporation or an S Corporation.
- If your business became incorporated, then your business would be considered a C Corporation, required to file a Form 1120.
- If your business became incorporated, you could apply to be taxed as a Small Business Corporation, or a S Corporation. In that case, the business would file a Form 1120-S.
If you are not sure what type of entity you should be, or are not sure if you should elect to be treated differently for tax purposes, you should seek legal guidance on the differences in the types of entities.
If your business does have to file a separate tax return, you can use TurboTax Business to file the required return.
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