Depending on your business structure, you’ll need specific forms—like Form 1099-MISC or Form 1120—to report profits, losses, deductions, and credits to the IRS. Here are some common IRS forms for reporting small business taxes: Schedule C: If you're a sole proprietor, you use this form along with Form 1040 to report your income.

But in most cases, business owners just aren’t aware of all the small-business tax deductions available to them — or they simply aren’t taking the time to keep detailed records, itemize expenses or crunch the numbers necessary to take advantage of these deductions. » MORE: NerdWallet's best small-business accounting software

When you have employees in your small business, there are certain taxes you need to handle, known as employment or payroll taxes. Here's what's included: Social Security and Medicare tax: Employers are responsible for deducting Social Security and Medicare taxes from employee paychecks. Your business pays part of these taxes, too.

Here are some common IRS forms for reporting small business taxes: Schedule C: If you're a sole proprietor, you use this form along with Form 1040 to report your income. Schedule K-1: For owners of pass-through entities like S corporations or partnerships, this form is used to report income.