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Posts Tagged ‘small business taxes’

business tax payments

Business Tax Payments: Which Are Deductible?

November 02, 2021

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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quarterly tax payments

Manage Your Quarterly Tax Payments Using These Methods

May 24, 2016

For many, tax season is not the only time to make tax payments. Those making estimated tax payments, such as freelancers and the self-employed, may be required to pay taxes each quarter of the year. The first quarter for 2016 fell on April 18, and the following quarters fall on June 15, September 15, and January 17, 2017. Not making tax payments on time can lead to penalties and interest. To manage your quarterly tax ...

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tax responsibilities for a business

Must Know Tax Responsibilities for Starting a Business

May 13, 2016

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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ein number

Do I Need an EIN?

April 29, 2016

Most businesses are required to have an Employer Identification Number (EIN). It is a nine-digit number that is used by the IRS to identify a business. The EIN is used by the business when filing its tax returns. When You Need an EIN Businesses need an EIN if any of these conditions are met: Your business has employees If you operate your business as a corporation or a partnership If you file any of these returns: employment, ...

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tax-myths

Business Tax Myths to Watch Out For

March 01, 2016

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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should you make quarterly tax payments

Should You Make Quarterly Tax Payments?

November 10, 2015

Estimated tax payments are not only for the self-employed. They are used to pay taxes on any income that is not subject to withholding. If you prefer ‘pay as you go’ over a once-a-year lump sum payment, you can pay taxes four times a year. Employees who have their taxes withheld from their paycheck may use estimated taxes if they have other income sources. Estimated tax is used to pay income tax, self-employment tax, and other ...

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business taxes

Business Tax Basics

October 23, 2015

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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business taxes

Small Business Owners: What you need to know about Business Taxes

May 01, 2015

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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estimated tax payments

Who Should Make Estimated Tax Payments

January 30, 2015

Those whose income is not subject to withholding need to make estimated tax payments. Income from self-employment, dividends, rent, interest, alimony, prizes and awards, and gains from the sale of assets are subject to estimated tax payments. Those whose income is being withheld are only required to pay estimated tax if their tax liability is more than the amount withheld from their wages. Estimated Tax Payment Limit Self-employed individuals need to pay estimated tax only if their ...

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business-man

Businesses, Hobbies, And Taxes

October 06, 2014

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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