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Archive for the ‘Business Taxes’ Category
Business Tax Payments: Which Are Deductible?
Business owners tend to have more tax responsibilities than individual taxpayers. They are not only required to withhold taxes from the paychecks of their employees but also pay other employment taxes, such as Social Security and Medicare tax. There are, however, certain business tax payments they can deduct as business expenses. Here’s a quick look at some of the different taxes businesses typically pay and which may be deductible. Which ...
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Must Know Tax Responsibilities for Starting a Business
Every business is required to fulfill certain tax duties. When starting a business, it is important to have a clear understanding of the taxes you need to pay. It helps to accurately estimate your expenses and determine the tax responsibilities for a business. Here are essential tax responsibilities that businesses need to consider. Filing an Income Tax Return Every type of business, except partnerships, must file a federal income tax return every year. Partnerships file an information ...
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Business Tax Myths to Watch Out For
The IRS keeps a close watch on business tax returns. In 2015, the tax agency examined early 62,000 business returns, a slight increase from 2014. Typically, those with income and larger businesses have greater chances of being examined. Unintentional errors or simple oversights can be dangerous for businesses. A single error can call into scrutiny not only your tax information for 2015 but possibly from previous years. To help businesses file accurately, The National Association of ...
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Business Tax Basics
Self-employed people who are either starting a business or have an established business, are required to pay taxes differently than individuals. The type of business determines which taxes must be paid, as well as how and when they are submitted. Most small business owners are set up as a sole proprietorship, a partnership, or a limited liability company (LLC). Larger companies often are structured as a corporation. Apart from certain exceptions, most are required to pay ...
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Small Business Owners: What you need to know about Business Taxes
All businesses must file a tax return except partnerships. Partnerships are required to file an information return. If you are running a small business, you probably are a sole proprietor or a partner. Here are some of the important business taxes and filing information that you should know about. Employer Identification Number & Business Taxes If you have employees and pay wages to them, you will need an Employer Identification Number (EIN). If you have no employees ...
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Businesses, Hobbies, And Taxes
These days, it’s becoming remarkably easy to make a little money doing something that a person usually enjoys as a hobby. For instance, a person who likes knitting can sell all sorts of creations on popular craft selling sites or even at street fairs. Unfortunately, just because someone decides to make a little money on something they enjoy doesn’t mean that they are operating a business. In fact, the IRS views many activities as hobbies. ...
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