Running a business means interacting with dozens of tax forms — many of which look similar but serve very different purposes. A sole proprietor’s tax picture looks nothing like an S-Corporation’s. An employer files forms a solo freelancer never sees. Understanding which forms apply to your business, what they report, and when they are due is foundational financial literacy for every Utah small business owner.
This guide covers the most important federal and Utah state tax forms organized by category: business income returns, payroll and employment, information returns, and sales and use tax.
Federal Business Income Tax Returns
Schedule C (Form 1040) — Sole Proprietor / Single-Member LLC
Who files it: Sole proprietors and single-member LLCs that have not elected corporate tax treatment.
What it reports: Business profit and loss — revenue, cost of goods sold, and operating expenses. Net profit from Schedule C flows to Form 1040 Line 8 and is subject to both income tax and self-employment tax (Schedule SE).
Due date: April 15 with the owner’s Form 1040 (October 15 with extension).
Key lines to understand:
- Line 1: Gross receipts (total revenue before any deductions)
- Line 4: Cost of goods sold (from Part III)
- Line 28: Total expenses
- Line 31: Net profit or loss (taxable business income)
Form 1065 — Partnership / Multi-Member LLC
Who files it: Partnerships and multi-member LLCs taxed as partnerships (the default tax treatment for multi-member LLCs).
What it reports: The partnership’s income, deductions, credits, and allocations. The partnership itself does not pay income tax — it passes through income to partners via Schedule K-1.
Due date: March 15 (September 15 with extension).
Schedules within Form 1065:
- Schedule K: Partnership’s total income, deductions, credits
- Schedule K-1: Each partner’s allocable share (issued to each partner for use on their personal return)
- Schedule L: Balance sheet
- Schedule M-1/M-2: Reconciliation of book income to tax income
Form 1120-S — S-Corporation
Who files it: Corporations and LLCs that have elected S-Corp tax treatment with the IRS (Form 2553).
What it reports: S-Corp income, deductions, and shareholder allocations. Like a partnership, the S-Corp does not pay federal income tax — income passes through to shareholders via Schedule K-1.
Due date: March 15 (September 15 with extension).
Key difference from Form 1065: S-Corp shareholders who work in the business must receive reasonable W-2 compensation. The balance of S-Corp profits distributed above salary avoids FICA taxes — the primary tax advantage of S-Corp status.
Form 1120 — C-Corporation
Who files it: Regular corporations (not S-Corp) taxed as separate entities.
What it reports: Corporate income, deductions, and tax liability. The C-Corp pays income tax at 21% on taxable income. Dividends paid to shareholders are taxed again at the shareholder level.
Due date: April 15 (October 15 with extension).
Payroll and Employment Tax Forms
Form W-2 — Wage and Tax Statement
Issued by: Employers.
Reports: Annual wages, tips, and other compensation paid to each employee, plus all taxes withheld (federal income tax, Social Security, Medicare, and state income tax).
Due date: Furnished to employees and filed with the Social Security Administration by January 31.
Copies:
- W-2 Copy A goes to SSA
- Copy B to employee for federal return
- Copy C retained by employee
- Copy D retained by employer
- Copies 1 and 2 for state tax filings
Important: S-Corp owners who are also officers must receive a W-2 for their reasonable salary — distributions above the salary do not appear on the W-2.
Form 941 — Employer’s Quarterly Federal Tax Return
Filed by: All employers with employees.
Reports: Wages paid, federal income tax withheld, and FICA taxes (employee and employer shares) for the quarter.
Due dates: April 30 (Q1), July 31 (Q2), October 31 (Q3), January 31 (Q4).
Note: This form is separate from payroll tax deposits. Deposits must be made according to your deposit schedule (monthly or semi-weekly). Form 941 reconciles the quarterly total.
Form 940 — Employer’s Annual Federal Unemployment Tax Return (FUTA)
Filed by: Most employers.
Reports: Federal unemployment tax (6% on first $7,000 of each employee’s wages, reduced to 0.6% after Utah SUI credit).
Due date: January 31 annually.
Form W-4 — Employee’s Withholding Certificate
Used by: Employees to instruct employer on withholding amounts.
Not filed with the IRS — retained by the employer. Updated W-4s should be collected at hire and whenever the employee’s tax situation changes.
Form I-9 — Employment Eligibility Verification
Not a tax form — but required for every new hire. Must be completed within three business days of hire start date. Retained by employer; not filed with any government agency unless audited.
Self-Employment Tax Forms
Schedule SE (Form 1040) — Self-Employment Tax
Filed by: Sole proprietors, partners, and any individual with net self-employment income of $400 or more.
Reports: Self-employment tax — 15.3% (12.4% Social Security + 2.9% Medicare) on net self-employment earnings up to the Social Security wage base, plus 2.9% above the wage base.
Key deductions:
- Half of SE tax is deductible as an adjustment to gross income on Form 1040
- The SE tax deduction reduces AGI but does not eliminate SE tax itself
Form 1040-ES — Estimated Tax Payments
Used by: Self-employed individuals, sole proprietors, S-Corp shareholders, and partners who expect to owe $1,000 or more in federal tax.
Due dates: April 15, June 16, September 15, January 15.
Information Returns
Form 1099-NEC — Nonemployee Compensation
Issued by: Businesses that paid $600 or more to an independent contractor, freelancer, or unincorporated service provider during the year.
Due date: January 31 (to recipients and to IRS).
Common mistake: Failing to issue 1099-NEC to individuals who should receive one. The IRS cross-references 1099-NEC with the recipient’s tax return — unreported income on either side triggers notices.
Form 1099-MISC — Miscellaneous Information
Issued for: Rents paid to individuals ($600+), royalties ($10+), and other miscellaneous payments not reported on 1099-NEC.
Due date: January 31 to recipients; February 28 (paper) or March 31 (electronic) to IRS.
Form 1099-INT — Interest Income
Issued by: Banks and lenders paying $10 or more in interest.
What businesses need to know: If your business pays interest to individuals on loans, you may need to issue Form 1099-INT. Interest received by your business appears on 1099-INT from the paying institution.
Form 8594 — Asset Acquisition Statement
Filed by: Both buyer and seller in a business asset acquisition under IRC Section 1060.
Reports: Agreed allocation of purchase price among asset classes I–VII. Both parties must file consistent allocations — the IRS matches them.
Form 2553 — S-Corporation Election
Filed by: LLCs and corporations electing S-Corp tax status.
Deadline: Within 75 days of formation for current-year effect; by March 15 for following-year effect.
Tip: Missing the 2553 deadline is one of the most common and costly new-business mistakes. If you plan to operate as an S-Corp, file this form immediately upon entity formation.
Form 4562 — Depreciation and Amortization
Filed by: Businesses claiming depreciation deductions on Form 1120-S, 1065, 1120, or Schedule C.
Reports: All depreciable assets, Section 179 elections, bonus depreciation, and MACRS calculations.
Utah State Tax Forms
Utah TC-40 — Individual Income Tax Return
Filed by: Utah resident individuals (including sole proprietors and pass-through entity owners reporting business income).
Due date: April 15 (October 15 with extension).
Utah TC-20 — Corporation Income Tax Return
Filed by: C-Corporations doing business in Utah.
Due date: April 15 (October 15 with extension).
Utah TC-20S — S-Corporation Income Tax Return
Filed by: S-Corporations doing business in Utah.
Due date: March 15 (September 15 with extension).
Utah TC-65 — Partnership Income Tax Return
Filed by: Partnerships and multi-member LLCs taxed as partnerships.
Due date: March 15 (September 15 with extension).
Utah TC-69 — Business Registration Form
Used to: Register a new business with the Utah State Tax Commission for sales tax, withholding, and other tax accounts.
When to file: Before the first taxable transaction or before the first employee is hired.
Utah WT-1 — Withholding Return
Filed by: Utah employers.
Reports: Utah income tax withheld from employee wages.
Due dates: Quarterly (same schedule as federal Form 941).
Utah TC-62 — Sales and Use Tax Return
Filed by: Businesses registered to collect Utah sales tax.
Due dates: Monthly or quarterly depending on permit schedule assigned by Utah State Tax Commission.
Form Extensions Quick Reference
| Form | Extension Form | Original Due | Extended Due |
|---|---|---|---|
| Form 1040 | Form 4868 | April 15 | October 15 |
| Form 1120 | Form 7004 | April 15 | October 15 |
| Form 1120-S | Form 7004 | March 15 | September 15 |
| Form 1065 | Form 7004 | March 15 | September 15 |
| Utah TC-40 | Utah TC-40 extension | April 15 | October 15 |
| Utah TC-20S / TC-65 | Utah automatic | March 15 | September 15 |
Remember: Extensions give you more time to file — not more time to pay. Pay estimated amounts by the original due date to avoid penalties and interest.
Call (801) 927-1337 or visit admin@cpaone.net with any questions about which forms apply to your business, whether you are filing correctly, or how to catch up on missed filings. We handle both federal and Utah state tax compliance for small and mid-sized businesses.
About the Author
Missy Dennis, CPA | Partner | FJ & Associates, PLLC | Kaysville, Utah
Missy holds a Master of Accounting degree from the University of Utah and is a licensed Certified Public Accountant. She is committed to providing clear, accurate, and actionable guidance so clients can navigate complex financial decisions with confidence. With more than twenty years of public accounting experience, Missy Dennis specializes in:
- Tax preparation and tax advisory
- Bookkeeping strategy alignment
- Estate and trust taxation
- Audit and consulting services
- Low-income housing tax credits
- Non-profit accounting
- Small- and mid-sized business advisory
