I am in los angeles. I purchased my first business(tiny convenience store) last summer & I would like to do my own taxes. The business is under propriety ownership with my wife. Which forms do I need to use besides 1040 & 540? Besides the tax forms do I need to send copies of anything? All answers will be welcome! Thank you.
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At the very least you’ll need to attach Schedule C to calculate your business profit. If that was more than $400 for the entire year you’ll also need to attach Schedule SE to calculate the self-employment taxes.
Since the business almost certainly includes fixed assets such as the building and other equipment you’ll probably need to attach Form 4652 to account for depreciation of those assets.
Those are the minimum Federal requirements. CA has similar ones as well. On top of that, if you have employees there are payroll taxes to contend with that will require at least quarterly filing of payroll tax returns at the Federal and State levels as well as periodic deposits of those taxes.
If all of this sounds Greek to you or overwhelms you then you should retain the services of a local CPA or EA who specializes in small business accounting and tax issues. They can get you started on setting up a proper bookkeeping system and filing the necessary returns on time.