When Is the Right Time to Submit a 1040 Form?

If you have just sent in your EIN application, you might be wondering when you need to submit your tax return forms. While businesses are required to report certain taxes and make payments on a quarterly or even monthly basis, filing a tax return only happens once a year.

Form 1040 should be submitted some time between February 1 and April 15 of the year after the tax year it references. It’s not possible to submit the forms earlier than that because required tax reporting forms from other entities must be obtained first.

Do I Pay My Business Taxes On My Personal 1040 Form?

The answer to this question depends a lot on what kind of business you operate. If you have a partnership, your individual income from the profits of that partnership will be reported on Schedule C of your personal Form 1040, along with the personal deductions you have from expenses you incurred.

If you’re operating a sole proprietorship or an LLC that gets taxed like one, then you’ll report all the business income and tax deductions on Schedule C. If you have an LLC taxed like a corporation, things might get more complicated and it depends on the type of corporation it is taxed as.

Registering for a New EIN

Remember, if you change corporate structures or start a new business, you will need a new EIN to reflect that new entity. Even if you are reporting your business income on your personal taxes, you will still need an EIN for:

  • Loans and credit
  • Hiring employees and paying payroll taxes
  • Providing benefits programs

You will also need an EIN number for estate processing if you are managing an estate that will be in probate long enough to accrue a tax burden of its own. Luckily, IRS-EIN-Tax-ID.com is here to help with all your EIN needs. If you have any questions about applying for your tax ID, contact us today.

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