Before filing taxes for your newly started business in 2021, here's what you need to know.

In 2021, during the pandemic and "Great Resignation," a record 5.4 million Americans applied for new businesses, according to U.S. Census Bureau data.

Numerous new business owners are encountering their initial tax filing season. Although many individuals can handle filing their personal returns independently, tax professionals recommend that business owners seek expert assistance.

"It's too risky to do this alone," advised Adam Markowitz, an enrolled agent and vice president at Howard L Markowitz PA, CPA in Leesburg, Florida.

Before filing their 2021 taxes, new business owners should be aware of the advice given by tax experts.

Experts advise investors to concentrate on what they can control during market downturns. To combat inflation, individuals should reevaluate their budgets. The idea of the American middle class has changed.

Understand your structure

Before filing, new business owners must understand their company's structure.

Entrepreneurs often lack understanding of the default taxation of their businesses, according to Sheneya Wilson, CPA and founder of Fola Financial in New York.

The structure of a business determines how it is filed, and while many entrepreneurs are aware of their limited liability company (LLC) status, they may not be certain if their business is a partnership, a single member, or an S corporation.

According to Markowitz, if you are a single member, you file on a Schedule C, while if you are a multi-member, you file on a partnership. If you believe you are an S corporation, you must have made an election on Form 2553 and received confirmation from the IRS.

"They aren't an S corporation if they lack IRS confirmation," he stated.

S corporations, which are often referred to as "Inc." or "Corp." in their names, must file Form 1120 or Form 1120-S, but cannot submit a Schedule C.

The deadline for filing returns for corporations is March 15, while many individual returns are due April 18.

Find a professional in your niche

It is crucial for most business owners, particularly new ones, to seek the guidance of a tax professional in navigating the tax process.

To avoid feeling overwhelmed when searching for a tax professional, Wilson suggests entrepreneurs focus on finding someone with expertise in their specific industry.

An experienced tax professional who specializes in your industry can provide you with better service in optimizing your tax profile by accurately deducting expenses and claiming credits that could result in a refund for your business.

Markowitz advised seeking assistance from someone with expertise in the local state where your business operates, as there may be specific regulations to consider.

If you haven't found someone online, Markowitz suggests checking with your local chamber of commerce or any local CPA organizations.

Ensure that you thoroughly vet professionals you're interested in working with, particularly those with a CPA designation or enrolled agent status.

Failing to file a partnership return can result in a penalty of $210 per month for up to a year, multiplied by the total number of people in the partnership for the tax year.

Markowitz stated that if it's your first mistake, you may be able to get the penalty waived, though it's not a certainty.

Have your records ready to go

To help prepare your taxes, a professional will need certain information from you right away once you hire them.

You should bring your Employer Identification Number (EIN), articles of incorporation and operating agreement, as well as your business' financial documents, such as your balance sheet and bookkeeping, when you meet with me.

You can perform bookkeeping using either an Excel spreadsheet or a software program. The key is to choose a method that works for you and to keep it updated regularly.

Bookkeeping for seven months before filing taxes can be time-consuming, as it should be done monthly, according to Wilson.

Tax plan all year

Starting a relationship with a tax preparer early in your business's life can help you tax plan as you grow, according to Wilson.

To ensure that you meet your tax obligations, you must calculate your quarterly payments and make the necessary remittances.

To receive the 8-week course on financial freedom, Money 101, click here. For the Spanish version, click here.

Acorns+CNBC offers expert advice on shifting your retirement savings strategy from the "old convention" to a more effective approach.

Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.