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How To File Business Taxes Online

How To File Business Taxes Online

How to file LLC taxes? How to extend tax filing? What are the small business tax filing forms? These are common questions any taxpayer who is online tax filing might have. Luckily, this is the perfect place to be if you have these questions because we have all the answers.

Table of contents

Key takeaways:...Read more

What are the steps to file business taxes online?...Read more

How to file LLC taxes?...Read more

What is the LLC tax filing deadline 2024?...Read more

How to extend tax filing...Read more

What is the last day to file taxes for 2024?...Read more

Key takeaways:

The online tax filing deadline is April 15 for individual taxpayers and March 15 for businesses.
The IRS offers many free online filing taxes 2024 options for lower income taxpayers.
The forms you need to file business taxes online depends on your business structure.

What are the steps to file business taxes online?

1. Get all your documents ready

When you're small business tax filing, the first thing you need to do is get all your paperwork in order. You might be running a business from home, or you might have a small shop, and organizing everything beforehand will save you time when it’s crunch time. So if you’re a freelance photographer, you’ll need all the payment records for your shoots—whether it's income from portraits, weddings, or stock photos. Each payment you’ve received should be documented to file business taxes online. You also need receipts for any equipment purchases (like new lenses, memory cards, or lighting equipment) and software subscriptions you use for editing. Beyond income, filing business taxes for LLC for the first time also means thinking about your expenses. For example, if you travel to different locations for photoshoots, your mileage, gas and even tolls are important to track. Tools like mileage tracking apps can help make this easier, so you don’t miss out on deductions later. Keep everything in one place—whether it’s a physical folder, a well-organized digital folder, or a cloud-based system like Google Drive—so you’re not scrambling around when the tax filing deadline 2024 rolls around.

2. Calculate what you owe

Once you’ve got everything organized for online tax filing, the next step is calculating what you owe. If you're a small business owner like a freelance web designer, calculating your taxable income is basically just knowing what your total revenue is and subtracting your allowable expenses. For example, you’re filing business taxes for LLC and you earned $70,000 last year, but you spent $15,000 on things like website hosting, stock photos for client projects and business software (like Adobe Creative Cloud or invoicing tools). That means your taxable income would be $55,000. However, it’s not just about subtracting expenses from income. If you’ve already made quarterly estimated tax payments, you’ll subtract those too. So if you’ve paid $6,000 throughout the year in estimated taxes, you would subtract that amount from what you owe. You’ll also want to double-check your business structure. Are you filing as a sole proprietor or an S Corp? Your tax rates differ depending on whether you're small business tax filing as an individual or if your LLC has elected corporate tax treatment. You can use an LLC tax calculator to help.

3. Claim your business deductions

You’ll also want to maximize your business deductions when you’re filing business taxes for LLC, which can drastically reduce the amount of taxes you owe. If you’re running a home-based business like a graphic designer, the IRS lets you deduct a portion of your home expenses. If you use a room in your house exclusively as an office, you can deduct a percentage of your rent or mortgage, utilities and even internet costs when you file business taxes online. For example, if your home office takes up 10% of your living space, you can deduct 10% of your rent, utilities, and internet bill. And don’t forget smaller but equally important expenses: marketing, business subscriptions, and office supplies (like pens, paper, or printer ink). Let’s say you spent $300 on a website redesign or $400 on Facebook ads to promote your business—those are deductible too. Even if you buy lunch while meeting with a client, you can deduct 50% of those meal costs. If you’re unsure about what counts, look into using tax filing services (like FlyFin) that can do most of the heavy lifting for you.

Infographic entitled Business Deductions listing tax write-offs for businesses filing taxes 2024.

4. File on time

One of the most important steps is filing on time, because missing the online tax filing deadline can lead to extra fees. For most business owners, the deadline to file your taxes is April 15. But if you're filing as an LLC or a partnership, the LLC tax filing deadline 2024 is March 15. If you’re an LLC that’s treated as an S-corp for tax purposes, your deadline might also be March 15. If you're unable to get everything together by the LLC tax filing deadline, you can file for an extension. This will give you an additional six months to get your return filed, but remember—an extension doesn't extend the time to pay your taxes. Let’s say you’re a small business owner and things have been hectic—maybe you’ve been dealing with unexpected issues, like a supplier delay or personal matters. In that case, filing for an extension helps avoid penalties for late filing. If you owe taxes and don’t pay by the original small business tax filing deadline, you’ll still accrue interest and penalties. The IRS offers a lot of ways for taxpayers to file online:

5. Pay your taxes

Finally, once you file business taxes, the next step is paying your taxes. If you owe anything, it’s imperative that you pay by the tax filing deadline 2024 to avoid extra charges. You have a few options for paying—whether it’s online, by mail or even setting up a payment plan. Say you’re a freelance consultant and owe $5,000. If you can’t pay that all at once, you can set up a payment plan with the IRS. This option lets you pay in smaller installments over time instead of being hit with a lump sum. If you're paying online, the IRS has several options for you to send the money electronically, including Direct Pay (which directly debits from your bank account) or paying with a credit card (there are fees involved). If you're unsure how much you owe, it’s better to make an estimated tax payment before the deadline passes, rather than waiting until you have everything in place. That way, you can avoid penalties for underpayment and just pay the remaining balance once you’ve filed. You can always use tax filing services to help you figure this out.

How to file LLC taxes?

LLC tax filing depends on how your LLC is classified, so your first step is understanding that classification. LLCs are flexible: you can file as a sole proprietorship, partnership, S corporation or even a C corporation, depending on what suits your situation best. If you’re a single-member LLC, you’ll generally file as a sole proprietor, which means reporting everything by the tax filing deadline 2024 on your personal Form 1040 with a Schedule C to report business income and expenses.

Infographic entitled Business Tax Forms listing forms you need to file by the last day to file taxes 2024.

Suppose you’re a small bakery owner operating as a single-member LLC. At tax time, you’ll report all your bakery income and any related expenses, like flour, rent, or equipment, on Schedule C. This form calculates your profit or loss, which then flows onto your individual tax return. This setup keeps it straightforward because the LLC’s earnings are taxed at your personal rate. If your LLC has more than one member, it’s treated as a partnership by default, and you’ll need to file Form 1065, which reports the partnership’s income and expenses. Each partner then receives a Schedule K-1, outlining their share of the profit or loss. Using the bakery example, if you and a friend co-own the bakery as an LLC, you’d file the 1065, then each of you reports the K-1 amount on your personal return. Some LLCs choose to be taxed as S corporations, especially if they want to reduce self-employment taxes. In this case, you’d file Form 1120-S, which is similar to a partnership in that income passes through to each member’s return but allows for some potential tax savings. Whether you’re filing business taxes for LLC for the first time or are a seasoned taxpayer, keeping accurate records is key.

What is the LLC tax filing deadline 2024?

The tax filing deadline 2024 for your LLC depends on how you’re classified for tax purposes. If you’re a single-member LLC, you’re considered a disregarded entity, which means your taxes are due in mid-April. As a single-member LLC, you’ll file your business income and expenses using Schedule C attached to your personal Form 1040, so your personal and business taxes are handled at the same time. For a multi-member LLC, which the IRS treats as a partnership by default, the filing deadline is mid- March. Multi-member LLCs file Form 1065, which reports the income and expenses of the partnership, and then each member gets a Schedule K-1. Each member reports their K-1 amounts on their personal tax return, so having these by March 15 helps everyone meet their April deadline. If your LLC has elected S corporation tax status, the due date is also in March. This applies if you’ve filed Form 2553 to elect S corp status, and you’ll need to file Form 1120-S. Tax filing services can help you change your LLC status. S corps also pass income through to members, but you’ll handle employment taxes differently and have to issue W-2s if you pay yourself as an employee. If you need more time, all these LLC tax filings—whether sole proprietor, partnership, or S corp—can be extended, typically by six months. Just make sure to file Form 7004 for a partnership or S corp, or request an extension through Form 4868 if you’re a single-member LLC filing individually.

How to extend tax filing

If the last day to file taxes 2024 is creeping up and you’re not quite ready, you can easily file for an extension, which pushes the deadline back six months. For individuals and sole proprietors (like single-member LLCs), filing Form 4868 by April 15 gives you until October 15 to file. For partnerships and S corporations, you can use Form 7004, which is due by March 15, and that’ll extend your filing taxes 2024 deadline to September 15. Imagine you’re a freelance writer with multiple income streams, and you’re still waiting on a few 1099s from clients. Filing an extension lets you avoid the stress of rushing to meet the online tax filing deadline while waiting for documents. Just remember, the extension is only for filing, not for payment. If you expect to owe taxes, it’s best to make an estimated payment by April 15 (or March 15 for partnerships and S corps) to avoid penalties. You can file an extension through the IRS website.

What is the last day to file taxes for 2024?

The last day to file your 2024 taxes depends on whether you’re an individual or a business. For individual taxpayers and sole proprietors, the standard filing deadline is April 15. This date applies to everyone filing a personal return, including single-member LLCs, since they report their business income on Schedule C attached to their Form 1040. For partnerships and S corporations, however, the tax filing deadline is March 15. So, if you’re part of an LLC with multiple members, or if you’ve elected S corp status, you’ll need to file by March 15. This way, everyone involved receives their Schedule K-1 in time to complete their personal returns by the April 15 deadline. Now, if the filing taxes 2024 deadline rolls around and you’re not ready, you can file for an extension, which pushes your deadline to October 15, 2024. For partnerships and S corps, an extension moves your deadline to September 15. Let’s say you’re a consultant who’s been busy with client work and haven’t quite had time to organize your receipts and income records. Filing for an extension buys you some breathing room to gather everything without rushing to avoid a late-filing penalty.Just remember, online tax filing an extension doesn’t delay your payment due date.

How Long Should You Keep Tax Returns?

How long should you keep tax returns? American taxpayers need to keep tax records for at least three years. This may change depending on which state you live in.

How To File Business Taxes Online

Key takeaways:

What are the steps to file business taxes online?

1. Get all your documents ready

2. Calculate what you owe

3. Claim your business deductions

4. File on time

5. Pay your taxes

How to file LLC taxes?

What is the LLC tax filing deadline 2024?

How to extend tax filing

What is the last day to file taxes for 2024?

What’s FlyFin?

More about FlyFin