As a prospective entrepreneur or current small business owner, you may wonder what kinds of taxes do businesses have to pay. Business taxes are a necessary part of doing business, and while some variations exist based on location and type of business, there are four primary forms of taxes.
Calculating your business tax items doesn’t have to be a chore when you use these free business tax planning worksheets. Templates are ready to download for C-Corporation, S-Corporation, Partnership and Sole Proprietor business structures.
Getting a tax ID number for an existing business is not difficult to do but there could be reasons why it’s necessary. This includes a small business owner who changes corporate structures or elects to hire employees. The process is simple and may be done immediately online or by mail.
Capital gains are profits from the sale of assets. The IRS requires reporting of all capital gains and losses. Capital gains for the sale of a business can range as low as 15% or as much as 28%, depending on numerous factors.
With many people and companies going paperless, it may seem that paper pay stubs are on their way out. But there are a few reasons why your company may need different kinds of pay stubs - both electronic and paper.
For many business owners, being self employed simply means you work for yourself; but the way your business is legally structured makes a difference in how you’re paid from business activity. This has a direct impact on your requirement to pay unemployment insurance.
What information should be included? When should it be provided? Can the information be provided electronically? Download a pay stub example for the discussion of this routine payroll activity.
Those who are starting a business may wonder if the tax savings of an S Corp over a C Corp are more beneficial. In most cases, S Corporations are a more tax-beneficial setup because there is no double taxation. There are exceptions on a state level that must be noted, however.
IRS Audit - these words are likely to strike fear into the hearts of the strongest people whether they are individual taxpayers or business owners. The question some business owners seek an answer to is does the IRS audit S Corporations? Yes, they do - the IRS may audit any taxable entity.
Are you a small business looking for help with taxes? Fortunately, there are many online options that let you calculate and file your returns electronically with no fuss. Learn what tax preparation options exist and how to choose the right one for your business.