Welcome to the Center for Business & Innovation

Our entrepreneur portal contains over a dozen no-cost programs to help you plan & grow your business.

All the Resources You Need to Start & Grow Your Small Business Under One Roof

The Center for Business & Innovation (CB&I) is committed to business prosperity throughout Washington state. We provide no-cost services and resources for entrepreneurs, business owners, and managers to help them achieve greater success.

CB&I's Upcoming Trainings & Events

the center for business & innovation

Many of our trainings are now available online!

We know entrepreneurs are very busy so we offer many of our training series online on demand. Explore resources to learn more!

24
Jul

Understanding Beneficial Ownership Information (BOI) and How to Report​

25
Jul

Hootenanny 2024

7
Aug

Intro to Business Live Webinar

20
Sep

INSPIRE Fall Pop-up Market

View Full Event Calendar >

Explore All CB&I Program & Resources

Business Question of the Week:

I have an LLC. How do I file my taxes with the IRS each year?

As a small business owner with an LLC structure, filing your federal taxes involves a few key steps. Here's a general overview:

Choose your tax filing method:

LLCs have flexibility in how they are taxed. By default, single-member LLCs are treated as disregarded entities and file taxes as part of the owner's personal tax return (Form 1040). Multi-member LLCs are taxed as partnerships unless they elect to be taxed as a corporation.

Gather your financial records:

Collect all relevant financial documents, including income statements, expense records, and any relevant tax forms (e.g., 1099s, W-2s).

Fill out Form 1065 (if applicable):

If your LLC is taxed as a partnership (a multi-member LLC), you'll need to file Form 1065, U.S. Return of Partnership Income. This form reports the LLC's income, deductions, credits, etc.

Prepare Schedule K-1:

Each member of the LLC receives a Schedule K-1 (Form 1065) that reports their share of the LLC's income, deductions, credits, etc. This information is used to report income on your personal tax return.

File your personal tax return (Form 1040):

Include the information from your Schedule K-1 on your personal tax return. If you have a single-member LLC, you'll report your business income and expenses on Schedule C (Form 1040).

Pay any taxes owed:

Depending on your LLC's income, you may need to make estimated tax payments throughout the year. If you owe taxes when you file your return, you'll need to pay them by the tax deadline to avoid penalties and interest.

Consider hiring a tax professional:

Tax rules for LLCs can be complex, especially for multi-member LLCs or those with significant income. A CPA or tax professional can help ensure you comply with all tax laws and take advantage of any available deductions or credits.

It's important to note that tax requirements can vary based on the specific details of your business and its structure. Consulting with a tax professional can help ensure you meet all your tax obligations.

Give the Gift of Opportunity

Learn more about how you can help support small businesses during Entrepreneur Month!