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The Small Business Tax Hub

Free Tax Season Resources

Looking to get organized for tax season, but not sure where to start? Lili’s Tax Hub has everything you need – guides, tips, important info, and free tools! Check out our free tax resources below and avoid the headache this tax season!

And our Tax Preparation Software makes tax planning a seamless part of your business operations, so you can minimize your tax liability and simplify tax prep.

A business owner preparing their tax forms as part of filing their 2023 business taxes

IRS Tax Season Updates

Recent tax season updates from the IRS that are relevant for business owners.

Business tax account access and capabilities expanded

December 18, 2023, IRS Notice 2023-243: The IRS announced an expansion of eligible business entities and features of the business tax account. In addition to sole proprietors, partners of partnerships and shareholders of S corporations are now eligible for a business tax account. New features include the ability to download PDFs of business tax transcripts and view certain notices.

IRS issues standard mileage rates for 2024

December 14, 2023, IRS Notice 2023-239: The IRS issued the standard mileage rate for 2024, which will be 67 cents per mile for business use, up 1.5 cents from 2023. This rate will apply beginning on January 1, 2024. The mileage rate for the 2023 calendar year (the rate applicable for the 2024 tax season) is 65.5 cents per mile, as specified previously in IRS Notice 2022-234.

Form 1099-K reporting threshold changed

November 21, 2023, IRS Notice 2023-74: The IRS announced a delay of the scheduled $600 reporting threshold for Form 1099-K for calendar year 2023. For calendar year 2023 (the 2024 tax season), third-party payment networks who issue Forms 1099-K are only required to report transactions where gross payments exceed $20,000 and there are more than 200 transactions.

Lili's Tax Optimizer tools includes a prefilled Schedule C Form based on expenses categorized via the Lili App

Simplify Tax Season with Lili

With Lili, categorizing your transactions is quick and painless. And, when tax season rolls around, Lili generates prefilled IRS tax forms (including Schedule C, Forms 1065 & 1120-S) based on what you’ve already categorized, so you can save time and money during tax prep!

Avoid the headache next tax season and sign up with Lili today.

Business Tax Form Deadlines in 2024

When is the deadline for filing your 2023 business taxes? We’ve compiled a list of tax form filing deadlines (and extension deadlines) for each business structure.

Form Number

Deadlines

Extension

Partnership & Multi-Member LLCs

1065 – Return of partnership income March 15, 2024 September 16, 2024
7004 – Extension for business income tax

S Corporation

1120-S – Tax return (S-corp) March 15, 2024 September 16, 2024
7004 – Extension for business income tax

C Corporation

1120 – Tax return (corporation)

1120-W – Estimated tax for corporations

April 15, 2024 October 15, 2024
4868 – Extension for individual income tax

Sole Proprietor

1040 – Individual tax return

1040-ES – Estimated tax for individuals

April 15, 2024 October 15, 2024
4868 – Extension for individual income tax

Employers: Wages

W-2 – Wage and Tax Statement January 31, 2024
W-3 – Transmittal of Wage & Tax Statements
W-4 – Employee’s Withholding Certificate February 15, 2024

Employers: Taxes

941 – Quarterly tax return for employers Q1: April 30, 2024
Q2: July 31, 2024
Q3: October 31, 2024
Q4: January 31, 2025
944 – Employer’s Annual Federal Tax Return January 31, 2024

Employers: Health Coverage

1095-B – Health Coverage February 28, 2024
If filed on paper
March 31, 2024
If filed electronically
1094-B – Transmittal of Health Coverage Information Returns
1095-C & 1094-C – for employers with 50 or more employees

Forms 1099

1099-NEC Nonemployee Compensation January 31, 2024
1099-MISC – Miscellaneous Income February 28, 2024
If filed on paper
March 31, 2024
If filed electronically
1099-KPayment card and third-party network transactions February 28, 2024

 

Let us do the math for you with our Self-Employed Tax Calculator!

Get an instant estimate of your tax liability for 2023.

Estimated Income

$

Estimated Expenses

$

Select State

*Please select a state

$Taxes

$set

Self-Employment Tax (Federal)

$it

Income Tax (Federal)

$sit

State Income Tax (Ma)
With a taxable income of

$20,000


in Colorado, your total estimated tax liability for 2024 is

$3,938

Let us do the math for you with our Self-Employed Tax Calculator!

Get an instant estimate of your tax liability for 2023.

What taxes to pay if you're self-employed

Here’s the short version: as a self-employed individual, you pay two types of taxes – the self-employment tax and the income tax.

How much is the self-employment tax?

The self-employment tax is a flat 15.3% on your net income. It covers your contribution to Social Security (12.4%) and Medicare (2.9%). You owe self-employment tax, no matter how much money you make.

How to calculate self-employment taxes

You owe taxes on your net income at the federal and the state level (unless your state doesn’t have an income tax). The percentage depends on your net income and filing status. And, it’s progressive, meaning you don’t pay the same percentage on all of your income.

How to calculate your net income

Your net income is the result of your gross profit (how much money you made) minus your business expenses (how much money you spent to run your business).

Frequently Asked Questions

Whether you have a specific tax question or are just generally unsure about tax season, we clear up some of the confusion below.

Preparing Tax Documents
What tax documents do I need if I'm self-employed?
Where can I download IRS Form 1120-S?
Where can I find IRS Form 1065?
Do I need to collect physical copies of all of my receipts tor tax purposes?
Where can I get a Schedule C form?
Where can I get a Schedule SE form?
Where do I get my 1099 form?
Do I need form 1099-K?
What documents do I need to bring to a CPA?
Tax Deductions
What types of business expenses are tax deductible?
Can I deduct rent if I have a home office?
How do I deduct mileage if I used my car for business travel?
Filing Taxes
When is the filing deadline for 2023 taxes?
When is the deadline for e-filing taxes?
Can I file my taxes late?