February 28th, 2025 by WCBC Radio

Small businesses have the option to file taxes through do-it-yourself software, but there is a learning curve. Mark Jaeger with TaxAct says common mistakes during filing include not claiming enough in deductions, not being aware of different deadlines and lastly, small and medium filers should understand the classification of their business…

   

“There is a sole proprietorship which means you file Schedule C on your 1040 each year. There’s a partnership return that you file a 1065 which is completely separate from your 1040 filing. The same holds true for S-corporations which is a 1120S return and then a C-corporation which is an 1120 return.”